/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Nov. 10, 2021 /CNW/ - Awalé Resources
Ltd., (TSXV: ARIC) (the "Company") the Company wishes to
announce that the directors have approved a consolidation of its
common shares on the basis of one new common share for every eight
outstanding shares and further plans to complete a non-brokered
private placement of up to 10,417,000 shares to raise gross
proceeds of up to $2,500,000 on a
post consolidated basis, at a price of $0.24 per post consolidated common share. Gross
proceeds of up to $2,500,000 will be
used for exploration expenses and general working capital. The
recapitalizing of the Company allows for greater focus on the
Odienné mineralization. Planned drilling for December is to
understand and unlock the significance of the IOCG style potential
of the copper gold anomalies discovered, as well as the Empire
Corridor on the Odienné project, which is now the main focus of the
exploration team.
These transactions will be subject to Exchange acceptance.
Finder's fees may be paid in accordance with TSX Venture
Exchange guidelines.
All securities issued pursuant to the private placement will be
subject to a four month hold period trading restriction
ON BEHALF OF THE
BOARD OF DIRECTORS
AWALÉ RESOURCES LTD.
"Glen Parsons"
Glen Parsons, Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release includes
forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements of
historical fact, are to be considered forward looking. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in forward-looking
statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market
or business conditions. There can be no assurances that such
statements will prove accurate and, therefore, readers are advised
to rely on their own evaluation of such uncertainties. We do not
assume any obligation to update any forward-looking statements.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any securities in the United States. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
SOURCE Awale Resources