SALT LAKE CITY--(BUSINESS WIRE)--Arvana Inc. (“OTC:AVNI”) announced today that it intends to offer up to five million (5,000,000) shares of common stock in a non-brokered private placement to accredited investors in the initial funding phase of its stated business development strategy.
Arvana’s intends to acquire and redevelop undervalued commercial properties that can be repurposed to realize latent value. The focus will be on purchasing vacant shopping malls, big box stores and otherwise underused commercial real estate at a fraction of replacement cost to be repurposed for specific targeted industries that offer goods or services not otherwise available online.
“Arvana is a great platform to roll up vacant or underused real estate, to instill new purpose and value into the many empty spaces that dot our commercial landscape,” said Ruairidh Campbell AVNI’s chief executive officer.
The private placement is expected to close within the next sixty (60) days subject to customary closing conditions and the discretion of Arvana’s board.
Arvana expects to use net proceeds from the offering for general corporate purposes to include the purchase of its first commercial property.
The stock sold in the private placement will be offered to accredited investors in reliance upon an exemption from the registration requirements of the Securities Act of 1933 (“Securities Act”), will not be registered under the Securities Act or any state or other securities laws, and will not be offered in the United States absent registration or an applicable exemption from the registration. The Commission has not passed upon the merits of or given its approval to the offering, the terms of the placement or the accuracy of the private placement materials. Stock sold in the private placement will be subject to legal and contractual restrictions on transfer.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such jurisdiction.
Arvana (“OTC:AVNI”) is a public company registered under the Securities & Exchange Act of 1934 (‘Exchange Act”), quoted on the OTC Pink Sheets. Bondock LLC, acquired a controlling interest in the company effective May 10, 2022. The implementation of Arvana’s business development strategy is intended to transition the company from its present designation as a “shell company” to operations 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.