Tenth Avenue Petroleum Corp. announced a private placement of up to 12 million units at a price of CAD 0.25 for gross proceeds of up to CAD 3000,000 on January 17, 2022. Each Unit will consist of one common share of the company and one-half of one common share purchase warrant.

Each whole warrant will entitle the holder to acquire one additional common share at a price of CAD 0.30 for a period of 12 months from the date of issuance. The Warrants will include an acceleration clause to the effect that if at any time the daily volume weighted average closing price of the common shares on the TSX Venture Exchange is CAD 0.35 or more for a period of twenty consecutive days, the company will be entitled to notify all holders of warrants of its intention to force the exercise of the warrants and to issue a press release to such effect, following which the holders of Warrants shall have thirty days from the date of the press release to exercise the Warrants. All securities issued in the transaction will be subject to a statutory four-month hold period in accordance with applicable securities laws.

The company may pay 7% of the gross proceeds as finders fee. The transaction is subject to approval from TSX Venture Exchange.