Vancouver, British Columbia--(Newsfile Corp. - September 1, 2023) - Avante Mining Corp. (TSXV: AVA) ("Avante" or the "Company") is pleased announce the closing of a non-brokered private placement of 3,000,000 flow-through common shares of the Company (the "FT Shares"), issued at a price of $0.15 per FT Share for aggregate gross proceeds of $450,000 to the Company (the "Private Placement"). Each FT Share is issued as a "flow-through share" (within the meaning of subsection 66(15) of the Income Tax Act (Canada).
The gross proceeds of the Private Placement will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's properties located in Newfoundland and Labrador, Canada on or before December 31, 2024. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2023.
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, which will expire on January 2, 2024.
The closing of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
In connection with the Private Placement, the Company paid finder fees of $45,000 cash and issued 300,000 non-transferable finder's warrants ("Finder's Warrants") to an eligible arm's length party. Each Finder's Warrant is exercisable to acquire one additional common share in the capital of the Company, at an exercise price of $0.15 per common share for a period of two years from closing.
About Avante Mining Corp.
Avante Mining Corp. (TSXV: AVA) is a mining exploration company focused on developing high-value geographically significant projects including the Voisey's West. Avante is paving the way by combining quality projects with proven exploration strategies and a dedicated team to achieve exceptional outcomes.
The Voisey's West is located in the same intrusive complex as the world class Voisey's Bay Nickel mine where reported remaining proven and probable reserves include 32.4 million tonnes of 2.13% Nickel, 0.96% Copper, 0.13% Cobalt, and additional measured and indicated 10.3 million tonnes of 0.87% Nickel, 0.65% Copper, 0.04% Cobalt. It represents one of the most competitive nickel operations globally.
For more information visit avantemining.com.
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.
Adrian Smith, CEO and Director
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States.
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