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Valorem Resources ( (TSE:AGC) ) has provided an update.
Avanti Gold Corp. has successfully closed the first tranche of its $1,400,000 private placement, raising $882,002. This funding will be used for annual license fees for its Misisi Gold Project in the Democratic Republic of Congo and general working capital. The company anticipates closing the remaining $518,000 soon, with significant insider participation, including CEO Ian MacLean and Chairman Sir Sam Jonah, who will collectively own approximately 19% of the company upon full closing. This financial move is expected to bolster Avanti’s operations and strengthen its position in the gold exploration industry.
More about Valorem Resources
Avanti Gold Corp. is a gold exploration company focused on advancing its portfolio of high-potential projects in Africa. Its flagship asset, the Misisi Project in the Democratic Republic of Congo, hosts the Akyanga gold deposit, which contains an Inferred Mineral Resource of 44.3 million tonnes at an average grade of 2.37 g/t gold, totaling 3.1 million ounces of gold. The Misisi Project covers three contiguous 30-year mining leases along the Kibara Gold Belt, a significant gold-bearing trend.
Average Trading Volume: 344,775
Technical Sentiment Signal: Buy
Current Market Cap: C$12.53M
See more data about AGC stock on TipRanks’ Stock Analysis page.