Avanti Gold plans C$35M share sale to fund DRC drill program

Avanti Gold Corp. (CSE: AGC, FSE: X370, OTCQB: AVTGF) has announced a bought deal private placement of 70 million units at C$0.50 per unit, raising gross proceeds of C$35 million, according to a company statement.

Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at C$0.65 for 36 months from issuance. SCP Resource Finance LP is acting as sole bookrunner and underwriter. The company has also granted the underwriters an option to increase the offering size by up to 15%, which would raise maximum gross proceeds to C$40.25 million. Closing is expected on or about September 22, 2026, subject to regulatory approvals.

Underwriters will receive a cash commission of 6% of gross proceeds and broker warrants equal to 6% of units sold, exercisable at the issue price for three years from closing.

Net proceeds are intended to fund a 42,000-metre 2026 drill program at the Misisi Gold Project in the Democratic Republic of the Congo, advancement of a maiden Preliminary Economic Assessment, and general corporate expenses.

The company also announced board changes ahead of its annual general meeting, expected on or about October 23, 2026. Three new independent non-executive directors have been nominated: Matthieu Bos, a former executive at Ivanhoe Mines, proposed as chair; George Bennett, current CEO of Rainbow Rare Earths; and Eric Zurrin, current CEO of Shanta Gold. Existing directors Terry Holohan and Martin Pawlitschek will stand for re-election.

Sir Samuel Jonah, the current chairman, will not stand for re-election, citing increased personal commitments, but will continue as a consultant to the company. Mohamed Cisse remains Chief Executive Officer.

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