Avanti Gold (CSE:AGC) has closed its bought-deal private placement, raising C$51.75 million ($73.6 million) to fund exploration at its Misisi Project in the Democratic Republic of the Congo.
The company issued 103.5 million units at C$0.50 each, including 13.5 million units from the full exercise of the over-allotment option.
Each unit comprises one common share and half a warrant, with each full warrant exercisable at C$0.65 for 36 months. SCP Resource Finance led the offering as sole bookrunner.
“The completion of this financing places Avanti in a strong financial position to execute our planned 42,000-metre exploration program at the Misisi Project,” CEO Mohamed Cisse says.
“With six rigs dedicated to the program and a steady pipeline of exploration results expected through the remainder of 2026, we are well positioned to systematically advance drilling across Akyanga and our broader priority targets.”
Net proceeds will fund the 42,000m program across the Misisi Project, covering the Akyanga deposit and regional targets, alongside a maiden Preliminary Economic Assessment (PEA).
Cisse and other insiders participated in the placement alongside institutional and strategic investors.
Misisi spans three contiguous 30-year mining leases covering 133km2 along the Kibara Gold Belt. The Akyanga deposit contains an inferred mineral resource of 40.8 million tonnes at 2.37 grams per tonne gold for 3.11 million ounces.
The program is the largest in the project’s history, with results expected to support resource growth ahead of the PEA scheduled for publication in 2027.
Avanti Gold is a Canadian gold exploration company with additional prospecting rights in South Africa’s Kraaipan Granite-Greenstone Belt.
Write to JC Villarba at Mining.com.au
Images: Avanti Gold
