PTRVF - Avila Energy Corporation announces final closing of $5000000 Private Placement of Convertible Debenture Units
(TheNewswire)
Calgary, Alberta – TheNewswire - July 5, 2022 – Avila EnergyCorporation (“ Avila ” or the“ Company ”), (CNSX:VIK.CN) trading symbol “VIK”, announcesthe final closing of a private placement (partially brokered) totaling$5,000,230 (the “ DebentureFinancing ”).
Each Unit (“ Unit ” or “ Units ”) of theDebenture Financing is comprised of a $1,000 principal amount bearinginterest at 4% per annum, which is convertible and unsecured, due onApril 1, 2025.
Included in the Unit is a right held by the Holder (the“ Holder” ) of full (not partial) conversion ofthe entire principal and the accrued interest of the Units into ClassA common shares of Avila (the “ Shares ”) at $0.50 per Share (the“ Conversion ”) as well as, uponConversion, to the issuance of one (1)additional share purchase warrant per Share issued on Conversion (the“ ConditionalWarrants ”) entitling the Holder to purchaseone (1) Share per each Share received on the Conversion at a price of$0.75 for a period of two (2) years following the date of theConversion. The Conversion and the Warrants are subject to standardanti-dilution rights.
Avila has paid negotiated brokerage fees for theDebenture Financing; and in particular, Avila has paid some brokeragefees to Research Capital Corporation, in series, being a percentage inmoney of their brokered financings raised for the Debenture Financing,as well as broker warrants associated therewith to purchase a total431,200 Shares at $0.75 per Share, with the last series exercisableuntil June 28, 2024.
The Company intends to use the proceeds from thisprivate placement of the Debenture Financing for general workingcapital and business development.
The Units issued by the Company pursuant to thisDebenture Financing will have the required Canadian regulatory escrow,being a four- month plus one-day escrow period from issuance.
The Canadian Securities Exchange (" CSE ") hasneither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined inthe policies of the CSE) accepts responsibility for the adequacy oraccuracy of this release.
About, Avila EnergyCorporation
The Company is an Emerging CSE listed corporationtrading under the symbol (‘VIK’), and in combination with anexpanding portfolio of 100% Owned and Operated oil and natural gasproduction, pipelines and facilities is a licensed producer, explorer,and developer of Energy in Canada. The Company through theimplementation of a closed system of carbon capture and sequestrationand an established path underway towards thematerial reduction of Tier 1, Tier 2 and Tier 3 emissionscontinues to work towards becoming an integrated low cost Carbon Neutral Energy Producer. The Company continues togrow and achieve its results by focusing on the application of acombination of proven geological, geophysical, engineering, andproduction techniques.
For further information, please contact:
Peter Nesveda, Vice President of Corporate Affairs andInvestor relations,
Leonard Van Betuw President & CEO or LarsGlimhagen, CFO
Email: peter@intuitiveaustralia.com.au leonard.v@avilaexpl.com lars.g@avilaenergy.com
Leonard B. Van Betuw
President & CEO
All statements contained in thispress release about anticipated future events constituteforward-looking statements. Forward looking statements are often, butnot always, identified by the use of words such as “anticipate”and “expect”. Forward-looking statements are subject to businessrisks and uncertainties and other factors that could cause actualresults to differ materially from those contained in theforward-looking statements. Forward-looking statements are based onestimates and opinions of management at the date the statements aremade. The Company does not undertake any obligation to updateforward-looking statements even if circumstances or management’sestimates or opinions should change except as required by applicablelaws. Investors should not place undue reliance on forward-lookingstatements.
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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