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Avanti Energy increases previous financing to $700,000

Closing of the fundraise is expected to take place in tranches, with tranche 1 expected to close tomorrow.
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The offering will consist of a subscription agreement of up to 10mln units at seven cents each, with each unit comprising of one share and one share purchase warrant

Onshore oil and gas group Avanti Energy Inc (CVE:AVN) has increased its previously announced non-brokered private placing by $200,000 to raise up to $700,000, it said.

The group had said before it would raise $500,000 for working capital.

The offering will consist of a subscription agreement of up to 10mln units at seven cents each, with each unit comprising of one share and one share purchase warrant.

Each warrant shall be exercisable into one  share at 15 cents for 12 months.

Closing of the fundraise is expected to take place in tranches, with tranche 1 expected to close tomorrow on April 21 this year.

The firm also today announced the resignation of director Mario Panebianco.

Karl Kottmeier, president, said: "I would like to thank Mario for his service to the board, the company and to all shareholders. We wish him well in his future endeavours."

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