• Avanti Gold plans to raise C$15 million ($10.7 million) through a private placement to fund further exploration at its Misisi gold project in the Democratic Republic of Congo.

• The project already hosts 3.1 million ounces of inferred gold resources, with a new drilling program planned in 2025.

• The financing involves issuing 30 million shares at C$0.50 each, pending regulatory and shareholder approvals.

Avanti Gold, a Canada-based mining company, said it intends to raise up to C$15 million ($10.7 million) in a private placement to accelerate exploration at its Misisi gold project in the Democratic Republic of Congo.

The company disclosed the plan in a statement dated Sept. 30, adding that the deal remains subject to shareholder and regulatory approvals. Avanti expects to close the transaction on Oct. 20.

Avanti plans to issue 30 million shares at C$0.50 each. The company did not provide detailed allocation of funds but emphasized that the proceeds will support exploration programs at Misisi. The project currently contains inferred resources estimated at 3.1 million ounces of gold.

Avanti announced in September 2024 its intention to conduct a 5,000-meter diamond drilling campaign, subject to financing. The program, including exploration at the Akyanga deposit, was then estimated at C$2.5 million. A new campaign planned for 2025 could further enhance understanding of Misisi’s gold potential.

The DRC government has highlighted plans to expand industrial-scale gold mining. Alongside Misisi, other exploration projects are advancing, including the Adumbi deposit operated by Loncor Gold. If successful, Avanti’s fundraising could position the company as a key player in Congo’s emerging gold sector.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum