Avant Brands Closes $3.9 Million Offering of Convertible Debenture Units

KELOWNA, BC / ACCESSWIRE / July 29, 2024 / Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) announced the successful closure of its $3,900,000 non-brokered private placement. This move saw the issuance of 3,900 unsecured convertible debenture units, priced at $1,000 per unit.

The company plans to use the proceeds to repay existing debts. Each unit includes a $1,000 principal amount and 10,000 common share purchase warrants. The debentures are convertible at $0.10 per share, with warrants exercisable at the same price over 48 months.

Norton Singhavon, Founder and CEO, highlighted the significance of this investment for Avant's growth, particularly in international markets. Convertible debentures will incur a 10% annual interest, payable quarterly in cash. Restrictions limit conversions to prevent exceeding 9.99% ownership of Avant's common shares.