Avila Energy Corporation announced a non-brokered private placement of 11,940,298 flow-through units at an issue price of CAD 0.335 per unit for gross proceeds of up to CAD 4,000,000 units and 10,256,410 charity flow-through units at a price of CAD 0.39 per unit up to gross proceeds of CAD 4,000,000, aggregate gross proceeds of up to CAD 8,000,000 on December 6, 2022. Each unit consists of one common share and one half of one warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of CAD 0.50 per share at any time within 2 years after closing.

All securities to be issued in the transaction will be subject to a 4 month hold period. The transaction is subject to receipt of all required regulatory and TSX Venture Exchange approvals. The transaction is expected to close on or around December 23, 2022.