Avila Energy Corporation announced a non-brokered private placement of up to 60,000,000 units at a price of CAD 0.05 per unit for gross proceeds of up to CAD 3,000,000 on September 20, 2023. Each unit is comprised of one common share in the share capital of the company and one-half common share purchase warrant. Each full warrant entitles its holder to purchase one additional common share at a price of CAD 0.12 for a period of 24 months following the closing.

The company expects that such closing will occur on or before September 28, 2023. The company may proceed to close in multiple tranches. The Company may pay finder?s fees on a portion of the private placement, subject to compliance with the policies of the Canadian Securities Exchange and applicable securities legislation.

The transaction may include participation from certain insiders of the company for acquiring units. All securities issued pursuant to the transaction will be subject to a four month and one day statutory hold period in accordance with applicable securities law.