08:55 AM EDT, 07/18/2025 (MT Newswires) -- Avanti Gold ( AVTGF ) on Friday closed the final tranche of a non-brokered private placement for gross proceeds of $517,998, completing the full $1.4 million offering.

The company issued approximately 14.79-million units at $0.035 each in this closing. Each unit is made up of a share and a one-yea warrant to buy one another share for $0.05.

Officers and directors of the company participated in the final tranche, acquiring a total of around 7.14 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 said that, following the offering, Martino De Ciccio, the lead investor, holds approximately 9.9% of the company on a partially diluted basis. Chairman Sir Sam Jonah, Chief Executive Officer Ian MacLean, and other members of the board and management collectively hold approximately 19% on a partially diluted basis.