04:38 PM EDT, 04/04/2024 (MT Newswires) -- Avanti Helium ( ARGYF ) announced Thursday an increase in the size of the previously announced non-brokered private placement of units of the company, seeking C$1.1 million, up from its original C$0.5-million target

The size of the offering has been increased from 1.25 million units to up to 2.75 million units priced at $0.40 per unit..

Each unit consist of a share and a one-year warrant to buy a second share for C$0.60.

"The net proceeds of the Offering will be used for various work related to the company's Helium Recovery Plant located on the Sweetgrass Pool in Montana and for general working capital," the company noted.

Avanti shares closed up C$0.025 to C$0.45 on the TSX Venture Exchange.