Tenth Avenue Petroleum Completes First Tranche of Private Placement

Tenth Avenue Petroleum Corp. (TPC), listed on the TSX Venture Exchange, has finalized the first batch of its non-brokered private placement. This initial tranche involved the issuance of 4,170,000 Units at $0.10 each, garnering gross proceeds of $417,000. Each Unit consists of one common share and half a purchase warrant. These warrants allow acquiring additional shares at $0.15 within a year.

The raised funds will primarily boost TPC's infrastructure development at its Murray Lake assets. Certain company insiders subscribed to 1,135,000 Units, qualifying the transaction as a related-party under Multilateral Instrument 61-101. TPC plans to close the second tranche by November 30, 2024.

Conditional approval for this offering has been received from the TSX Venture Exchange, and the associated securities hold a four-month statutory hold period. Finders' fees totaling $12,680 were distributed to several financial firms involved.