By: African mining market

Avanti Gold, a Canada-based mining company, said it intends to raise up to C$15 million (US$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, adding that the deal remains subject to shareholder and regulatory approvals. 

Avanti expects to close the transaction on 20th October 2025.

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.