Arvana Inc. Update on Business Development Strategy and Closing of Private Equity Placement
ARVANA ANNOUNCES SUCCESSFUL COMPLETION OF BUSINESS DEVELOPMENT MISSION TO OIL PRODUCING COUNTRIES IN THE MIDDLE EAST AND AFRICA TO ADVANCE ITS PLANS FOR AN ENERGY BROKERAGE DIVISION, AND THE CLOSING OF ITS PRIVATE PLACEMENT
SALT LAKE CITY, UT / ACCESSWIRE / October 26, 2022 / Arvana Inc. (“OTC:AVNI”) today provided an update on its plan to form a brokerage division to facilitate international transactions in the delivery of oil and gas products, and as to the closing of its private placement.
An Arvana energy brokerage division intends to match sellers in the Middle East and Africa, with purchase orders and letters of credit provided by buyers in the Asia, to facilitate the procurement, payment and delivery of crude oil.
Arvana representatives travelled in September to establish business contacts, identify key government agencies, and formulate key strategies to identify opportunities in the energy sector. Our representatives were also tasked to evaluate prospects in other natural resources that might be available to us. Discussions with representatives in Dubai, United Arab Emirates and Juba, South Sudan focused on the delivery of oil to China. Negotiations intended to secure energy delivery contracts are ongoing as Arvana works to define delivery and brokerage fees. Arvana representatives were also introduced to other resource based opportunities that included prospects within the mineral and forestry industries. No contracts have yet been agreed.
Ruairidh Campbell, AVNI’s chief executive officer, stated “I am very much encouraged by the results of our business development mission. The world remains very much resource driven, and given geopolitical adventurism around the world, I believe that there are many good opportunities for Arvana to participate as a broker in the international market place”.
We are further pleased to announce that Arvana has closed a previously disclosed non-brokered private placement offering of common shares pursuant to which it issued 1,800,000 shares at a price of $0.20 for aggregate gross proceeds of $360,000, of which it paid $32,000 in offering expenses. Arvana intends to use the net proceeds for general corporate purposes and to build an energy brokerage division.
The common shares sold in the private placement were offered to accredited investors only in reliance on exemptions from the registration requirements of the Securities Act of 1933 (“Securities Act”), were not registered under the Securities Act or any state, provincial or other securities laws, and cannot be offered in the United States absent registration or an applicable exemption from registration. Neither the United States Securities & Exchange Commission, nor any other securities regulatory body passed on the merits of or gave their approval to Arvana’s offering, the terms of the placement, or the accuracy of the private placement materials. Common shares sold in the private placement remain subject to legal and contractual restrictions on transfer.
Arvana (“OTC:AVNI”) is a public company registered under the Securities & Exchange Act of 1934, as amended (“Exchange Act”) that is quoted on the OTC Pink Sheets. The implementation of Arvana’s business development strategy is intended, in part, to transition the company from its present designation as a “shell company” to that of an operating company in accordance with the Exchange Act.
Several statements contained in this press release are forward-looking statements of future expectations based on currently available information that are subject to risks and uncertainties including general economic conditions, changes in capital markets, regulatory legislation, and other circumstances that may cause actual results to be materially different from those expectations. Arvana does not make any representation or warranty, express or implied, as to the accuracy, completeness, or status of such statements so it will not be liable for any decision made or action taken in conjunction with the information and/or statements in this press release. Arvana encourages the public to read the information provided in conjunction with its recent filings on Form 8-K and Form 10-Q which may be viewed at www.sec.gov.
Ruairidh Campbell, Chief Executive Officer
Phone: +1 801 232 7395
SOURCE: Arvana, Inc.
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