Avanti Energy Inc (OTCMKTS:ARGYF) was in focus on Tuesday among investors after the company announced that it closed the non-brokered private placement transaction that the company had previously announced.
In this regard, it should also be noted that the private placement involved a solitary investor and the company managed to raise as much as $1,500,000 in the form of gross proceeds through the sale of as many as 882,352 common shares in Avanti Energy. The shares were offered at $1.70 each in the private placement. While this was a significant announcement from the company, it is also necessary to remember that over the course of the past month the Avanti stock has performed strongly as well.
The stock has gone up by as much as 31% in the space of a month and it is likely that it is going to be on the radars of investors again after yesterday’s announcement. In this regard, it is perhaps also necessary to point out that all the securities that were sold by Avanti Energy as part of this private placement are going to be on a four month and one day statutory hold. The hold period is going to expire on January 14, 2022.