Vancouver, British Columbia--(Newsfile Corp. - May 24, 2023) - AVANTE MINING CORP. (TSXV: AVA) (FSE: P210) (OTC Pink: ACPRF) (formerly ArcPacific Resources Ltd.) ("AVA" or the "Company") is pleased announce the closing of a non-brokered private of units (the "Private Placement").
In accordance with the terms of the Private Placement, the Company issued 937,500 units (the "Units") at a price of $0.16 per Unit. Each Unit consists of one flow-though common share in the capital of the Company and one half of one non-flow-through common share purchase warrant (with two such half warrants being a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional non-flow through common share in the capital of the Company at an exercise price of $0.20 for a period of two years.
The gross proceeds from the Private Placement of $150,000 will be used to fund qualified exploration expenditures on the TL Nickel Project in Labrador.
All securities issued pursuant to the Private Placement are subject to a hold period of four months plus one day from the date of issuance and the resale rules of applicable securities legislation. The closing of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory, including the approval of the TSX Venture Exchange.
In connection with the Private Placement, the Company paid finder fees of $15,000 cash and issued 93,750 broker warrants ("Broker Warrants") on gross proceeds raised by eligible arm's length parties. Each Broker Warrant is exercisable into one common share in the capital of the Company at an exercise price of $0.16 per common share for a period of two years.
Adrian Smith, CEO and Director
Adrian Smith email@example.com
Avante Mining Corp. (TSXV: AVA) is a Canadian based exploration company. Avante owns an option for 100% interest in the TL Nickel Project, 50km from the world class Voisey's Bay Nickel mine in Labrador, Canada, which includes nickel grades in excess of 1% Nickel. The Company also owns the LMSL Copper Gold & Silver Project in British Columbia, and holds other highly prospective exploration projects in Canada. The Company is focused on creating shareholder value through new discoveries and strategic development of its mineral properties. For further information, please visit http://www.avante.ca.
The forward-looking statements contained in this press release are made as of the date hereof and Avante Mining Corp. undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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