AVANTI ENERGY INC. ("AVN")
BULLETIN TYPE: Property-Asset or Share Acquisition Agreement, Private Placement-Non-Brokered
BULLETIN DATE: April 16, 2015
TSX Venture Tier 2 Company
TSX Venture Exchange Inc. (the ?Exchange?) has accepted for filing a purchase and sale agreement between Avanti Energy Inc. (?Avanti?) and Dove Energy B.V. (?Dove?) dated December 14, 2014, as amended February 26, 2015 (the ?Agreement?) for the purchase of all of the issued and outstanding shares of CMI Energia SpA (?CMI?) (the ?Acquisition?). CMI owns a 90% working interest in a natural gas permit covering 35.72 square kilometers onshore in Central Italy, including an application for the conversion of the natural gas discovery in the permit into an exploitation concession (the ?Project?).
As consideration under the Agreement, Avanti will pay to Dove a cash payment of US$1.53 million and issue 12,970,000 common shares of Avanti.
Dove will retain a 15% working interest in the Project. Concurrent with closing of the Acquisition, Avanti has arranged for a syndicate of investors to acquire a 41.66% working interest in the Project for US$1.43 million, plus the commitment of US$1.3 million to finance the 2015 operating budget for the Project.
On closing of the above transactions, CMI will be owned by Avanti, CMI will remain the operator of the Project and CMI will retain a 33.33% working interest in the Project.
Insider / Pro Group Participation: None
Private Placement ? Non-Brokered
TSX Venture Exchange has accepted for filing documentation with respect to the first tranche of a Non-Brokered Private Placement announced April 1, 2015:
Number of Shares: 1,666,667 shares
Purchase Price: $0.30 per share (or USD$0.24)
Number of Placees: 3 placees
Insider / Pro Group Participation:
Insider=Y /
Name ProGroup=P # of Shares
Pacific Equity Management Corp.
(Douglas E. Ford, Karl Kottmeier
Kirk Gamley) Y 1,458,667
Aggregate Pro Group Involvement 104,000
[1 placee]
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly.
For further information please refer to Avanti?s news releases dated January 6, 2015 and April 1, 2015 which are available under Anfield?s profile on SEDAR.
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