09:42 AM EDT, 07/15/2025 (MT Newswires) -- Avanti Gold ( AVTGF ) on Tuesday said it closed the first tranche of a non-brokered private placement for gross proceeds of $882,002, a portion of the total $1.4 million offering.

The company issued around 25.2 million units at $0.035 each.

Each unit is made up of one common share of the company and a one-year warrant to buy one common share at $0.05.

Officers and directors of the company participated in the offering, acquiring an aggregate of approximately 1.6 million units.

The net proceeds from the offering will be used to pay annual license fees related to the company's Misisi Gold Project in the Democratic Republic of Congo and for general working capital purposes.

The company expects to close the remaining $518,000 of the offering in the coming days.

The company also said that, upon completion, Martino De Ciccio, the lead investor in the offering, will hold 9.9% of the company on a partially diluted basis. Chairman Sir Sam Jonah, Chief Executive Officer Ian MacLean, and other board members and management will collectively own approximately 19% of the company on a partially diluted basis following the full closing.

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