05:15 PM EDT, 04/10/2024 (MT Newswires) -- Avanti Helium ( ARGYF ) on Wednesday said it closed the first tranche of a private placement of share units, issuing 1.6-million units at a price of $0.40 per unit for proceeds of C$676,908.

Each Unit is comprised of a share and one-year warrant to buy a second share for $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 down C$0.02 to C$0.40 on the TSX Venture Exchange.