Avila Energy Corporation Announces Final Closing of $5,000,000 Private Placement of Convertible Bonds

Calgary, Alberta – TheNewswire – July 5, 2022 – Avila Energy Corporation (“Avila” or the “Company”), (CNSX:VIK.CN) trading symbol “VIK”, announces the final closing of a private placement (partially brokered) in total $5,000,230 (the “Debenture Financing”).

Each Unit (“Unit” or “Units”) of the Bond financing consists of a principal amount of $1,000 bearing interest at 4% per annum, which is convertible and unsecured, maturing on April 1, 2025.

Included in the Participation is a right of the Holder (the “Holder”) to full (not partial) conversion of the entire principal and accrued interest of the Units in Class A common shares of Avila (the “Shares”) at $ 0.50 per Share (the “Conversion”), as well as, upon Conversion, up to the issuance of one (1) additional share purchase warrant per Share issued upon Conversion (the “Conditional Warrants”) entitling the Holder to receive one (1) Buy Share per Share per Share. each Share received on the Conversion at a price of $0.75 during a period of two (2) years from the date of the Conversion. The Conversion and the Warrants are subject to standard anti-dilution rights.

Avila paid negotiated brokerage fees for the bond financing; and in particular, Avila has paid a number of brokerage fees to Research Capital Corporation, in series, being a percentage in cash of their brokerage fees raised for the bond funding, as well as brokerage guarantees related thereto to purchase a total of 431,200 shares at $0. .75 per share, with the last series exercisable until June 28, 2024.

The Company intends to use the proceeds of this private placement of the Bond financing for general working capital and business development.

The Units issued by the Company under this Bond Financing have the required Canadian legal retention period, which is a retention period of four months plus one day from issue.

The Canadian Securities Exchange (“CSE”) has not approved or disapproved of the contents of this press release. Neither the CSE nor its market regulator (as that term is defined in the CSE’s policies) assumes any responsibility for the adequacy or accuracy of this release.

About, Avila Energy Corporation

The company is an emerging CSE-listed company trading under the symbol (“VIK”), and combined with a growing portfolio of 100% owned and operated oil and natural gas production, pipelines and facilities, it is a recognized producer, explorer and developer of Energy in Canada. By implementing a closed system of carbon capture and sequestration and a fixed trajectory towards the material reduction of Tier 1, Tier 2 and Tier 3 emissions, the company continues to work towards an integrated, low-cost CO2-neutral energy producer. The company continues to grow and achieve its results by focusing on the application of a combination of proven geological, geophysical, engineering and manufacturing techniques.

For more information, please contact:

Peter Nesveda, Vice President Corporate Affairs and Investor Relations,

Leonard Van Betuw President & CEO of Lars Glimhagen, CFO

Email: peter@intuitiveaustralia.com.au leonard.v@avilaexpl.com lars.g@avilaenergy.com

ON BEHALF OF THE BOARD OF DIRECTORS

Leonard B. Van Betuw

President & CEO

All statements in this press release about anticipated future events are forward-looking statements. Forward-looking statements are often, but not always, identified through the use of words such as “anticipate” and “expect.” Forward-looking statements are subject to business risks and uncertainties and other factors that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements are based on management’s estimates and opinions as of the date on which the statements are made. The company assumes no obligation to update any forward-looking statements, even if circumstances or management’s estimates or opinions should change, except as required by applicable law. Investors should not place undue reliance on forward-looking statements.

Neither the Canadian Securities Exchange nor its Regulatory Services Provider (as that term is defined in Canadian Securities Exchange policies) assumes any responsibility for the suitability or accuracy of this press release.

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This post Avila Energy Corporation Announces Final Closing of $5,000,000 Private Placement of Convertible Bonds was original published at “https://www.benzinga.com/22/07/28010841/avila-energy-corporation-announces-final-closing-of-5-000-000-private-placement-of-convertible-deben”

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