Avanti Gold upsizes bought deal financing to $45 million
Avanti Gold Corp. [AGC-CSE, AVTGF-OTCQB, X370-FSE] said Monday it has increased the size of a previously announced bought deal private placement to $45 million from the earlier $35 million target. It also said the oversubscribed book is now closed.
Proceeds are earmarked for drilling and a planned preliminary economic assessment at the company’s Misisi Project located in the Democratic Republic of Congo,
The company said the underwriters have agreed to purchase, on a bought deal private placement basis, 90 million units priced at 50 cents per unit. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at an exercise price of 65 cents for 36 months from the issue date.
The underwriters have been granted an option to increase the size of the offering by up to 15%. That option can be exercised in whole or in part at any time up to 48 hours prior to closing, which is expected to occur on September 22, 2026, or such other date that the company and the underwriters may agree to. If the option is fully exercised, the maximum proceeds raised will increase to $51.75 million.
Avanti Gold shares were unchanged Monday at 50 cents. The shares trade in a 52-week range of $1.10 and 28 cents.
The Misisi Project is located in the South-Kivu province of the DRC. It hosts the Akanga deposit, which contains an inferred resource of 41 million tonnes of average grade 2.37 g/t gold, totalling 3.1 million ounces. The company said mineralization extends over a strike length of 2.1 kilometres, and remains open along strike and at depth.
The Misisi Project covers three contiguous 30-year mining leases spanning 133 square kilometres along the 55-kilometre long Kibara Gold Belt. Over US$30 million has been invested in exploration to date, including 20,000 metres of drilling, 500 metres of trenching and comprehensive geochemical and geophysical surveys. Several parallel structures and multiple drill-ready exploration targets have been identified.
A 42,000-metre drill program, the largest in the project’s history, is now underway with the objective of growing gold resources in advance of a preliminary economic assessment (PEA), which is expected to be published in 2027. The drilling program will cover the Akyanga Deposit and regional targets across the company’s permit area.
The company said it has adopted a phased exploration strategy designed to maximize productivity while rapidly advancing resource growth. Meanwhile, in a press release on August 30, 2026, the company announced the proposed nomination of three new directors for election at the company annual meeting on October 23, 2026. The nominees include proposed Chair, Matthieu Bos (a former Executive Vice-President at Ivanhoe Mines Ltd. [IVN-TSX, IVPAF-OTC]), George Bennett (currently Chairman of Rainbow Rare Earths Ltd.), and investment banker Eric Zurrin. Mohamed Cisse continues as CEO. Current Chair, Sir Samuel Jonah has indicated he ill not stand for re-election as a director.