Avanti Gold Corp. has closed its oversubscribed book and increased the size of its previously announced bought deal private placement from C$35 million to C$45 million.

The financing is being led by SCP Resource Finance LP as sole bookrunner and underwriter on behalf of a syndicate. The offering consists of 90,000,000 units priced at C$0.50 per unit. Each unit comprises one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase a common share at an exercise price of C$0.65 for a period of 36 months from issuance.

The company has granted the underwriters an option to increase the offering size by up to 15%, which can be exercised in whole or in part up to 48 hours prior to closing. If the option is fully exercised, total gross proceeds will reach C$51.75 million. The transaction is expected to close on or about September 22, 2026, subject to customary closing conditions and the receipt of all necessary regulatory approvals.

For their services, the underwriters will receive a cash commission of 6.0% of the gross proceeds, alongside broker warrants equal to 6.0% of the units sold. These broker warrants are exercisable at the issue price for three years from the closing date. Underwriters may elect to receive all or a portion of their cash commission in units. Securities issued to Canadian purchasers will be subject to a four-month hold period under applicable laws and exchange policies. Certain insiders may participate in the offering, which the company intends to exempt from formal valuation and minority shareholder approval requirements.

Net proceeds from the financing will be directed toward the company's 42,000-metre 2026 drill program across the Misisi Project in the Democratic Republic of the Congo, which covers the Akyanga Deposit and regional targets across the permit area. Funds will also be used to advance the preliminary economic assessment for the Misisi Project, which is expected to be published in 2027, as well as to cover general and administrative expenses and support working capital requirements.

Read the full announcement: Avanti Gold Announces Upsize of Bought Deal Private Placement to C$45 Million