Avanti names new CEO, aims to raise $15 million for DRC project
Avanti Gold Corp. [AGC-CSE, X370-FSE], has strengthened its leadership team and announced plans to raise $15 million from a private placement offering. Proceeds are earmarked for the company’s Misisi Project located in the Democratic Republic of Congo,
Martin Pawlitschek, a geologist and seasoned mining executive with over 30 years of experience in mineral exploration, resource development and mining investment, has been named CEO. Pawlitschek, who joined the board in July 2025, has significant experience in the mining sector in Africa, notably including the DRC.
Mohamed Cisse, a seasoned African mining executive, who also has significant experience in the DRC, has been named Chief Operating Officer. Swapan Kakumanu, currently interim CEO, will transition to the role of Chief Financial Officer and Corporate Secretary.
Meanwhile, Avanti said it aims to raise $15 million from an offering consisting of up to 30 million units priced at 50 cents each, subject to necessary regulatory approvals. Each unit will consist of one common share and one half of one common share purchase warrant. Each warrant will entitle the holder to purchase one share at an exercise price of 65 cents for 36 months from the issue date.
The agents have been granted the option to purchase up to an additional 15% of the offered securities on the same terms and conditions. That option remains open in whole or in part, any time up to three business days prior to the earliest closing date.
Sir Sam Jonah, Chairman of Avanti, along with other board members, management and existing strategic investors in Avanti, are expected to participate in the offering. The offering is expected to close by October 20, 2025.
Avanti Gold shares were unchanged Wednesday at 54 cents. The shares trade in a 52-week range of 67 cents and $0.02.
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.
The company is finalizing permits and logistics to transport drill samples for delivery to an independent lab for assay. It said the samples are from 2,000 metres of diamond drilling completed by a previous operator that were never assayed and therefore are not included in the current 3.1 million ounce inferred gold mineral resource.