/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, April 17,
2024 /CNW/ - Awalé Resources (TSXV: ARIC) ("Awalé" or
"the Company") is pleased to announce that it has entered into
an agreement with Canaccord Genuity Corp. on behalf of a syndicate
of underwriters (collectively, the "Underwriters"), pursuant to
which the Underwriters have agreed to purchase, on a bought-deal
private placement basis, 16,130,000 units of the Corporation (the
"Units") at a price of C$0.62 per
Unit (the "Offering Price") for gross proceeds of C$10,000,600 (the "Underwritten Offering").
Each Unit will consist of one common share of the Corporation (a
"Unit Share") and one-half of one common share purchase warrant
(each whole common share purchase warrant, a "Warrant"). Each
Warrant will entitle the holder to acquire one common share of the
Corporation for 24 months from the closing of the Offering at a
price of C$0.80.
The Corporation shall grant the Underwriters an option to
purchase up to an additional 2,419,500 Units at the Offering Price
for additional gross proceeds of up to C$1,500,090 (the "Underwriter Option")
exercisable at any time up to 48 hours prior to the closing of the
Offering.
The net proceeds received from the Offering will be used to
advance the Corporation's projects in Côte d'Ivoire, as well as for
working capital and general corporate purposes.
It is anticipated that closing of the Offering will occur on or
about May 8, 2024 or such other date
or dates as the Corporation and the Underwriters may agree. The
Offering is subject to the satisfaction of certain conditions,
including receipt of all applicable regulatory approvals including
the approval of the TSX Venture Exchange. The securities to be
issued under the Offering will have a hold period of four months
and one day from the applicable closing date in accordance with
applicable securities laws.
A current shareholder of the Corporation has a right to conduct
a simultaneous offering at the Offering Price for identical
securities as the Units ("Participation Right Units"). A maximum of
2,967,920 Participation Unit Rights may be issued to this
shareholder for proceeds of approximately $1,840,110.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful, including any of the
securities in the United States of
America. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws and may not
be offered or sold within the United
States or to, or for account or benefit of, U.S. Persons (as
defined in Regulation S under the 1933 Act) unless registered under
the 1933 Act and applicable state securities laws, or an exemption
from such registration requirements is available.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company
focused on the discovery of large high-grade gold and copper-gold
deposits. The Company undertakes exploration activities in the
underexplored parts of Côte d'Ivoire. Awalé's exploration success
to date has culminated in a fully funded earn-in Joint Venture with
Newmont covering one permit and one application (the "Odienné
Project JV"), where four significant gold and
gold-copper-silver-molybdenum discoveries have been made.
The Odienné Project JV is located within Awalé's greater Odienné
Copper-Gold Project (the "Project") which consists of 2462
km2 of tenure in the Northwest of Côte d'Ivoire. The
Newmont JV consists of 400km2 of granted tenure and
400km2 under application, or approximately ⅓ of Awalé's
total holding in the district. The Company announced 26 g/t gold
over 57m, including 45.7 g/t gold
over 32m from 165m downhole at the Charger Prospect and the
discoveries have significant scope for growth and resource
development. The Project has multiple pipeline prospects that have
similar geochemical fingerprints to Iron Oxide Copper Gold (IOCG)
and intrusive related mineral systems that offers significant
potential for district scale discoveries. Cautionary Note Regarding
Forward-Looking Information
ON BEHALF OF THE BOARD OF
AWALE RESOURCES LIMITED
"Andrew Chubb"
Andrew Chubb,
CEO
Forward-Looking
Information
This press release contains forward-looking information within
the meaning of Canadian securities laws (collectively
"forward-looking statements"). Forward-Looking statements are
typically identified by words such as: believe, expect, anticipate,
intend, estimate, plans, postulate and similar expressions, or are
those, which, by their nature, refer to future events. All
statements that are not statements of historical fact are
forward-looking statements. Forward-Looking statements in this
press release include but are not limited to statements regarding,
the Company's presence in Cote
d'Ivoire and ability to achieve results, creation of value
for Company shareholders, achievements under the Newmont JV, works
on other properties, planned drilling, commencement of operations.
Although the Company believes any forward-looking statements in
this press release are reasonable, it can give no assurance that
the expectations and assumptions in such statements will prove to
be correct. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, changes in the state of equity and debt markets,
fluctuations in commodity prices, delays in obtaining required
regulatory or governmental approvals, and other risks involved in
the mineral exploration and development industry, including those
risks set out in the Company's management's discussion and analysis
as filed under the Company's profile at www.sedar.com.
Forward-Looking information in this news release is based on the
opinions and assumptions of management considered reasonable as of
the date hereof, including that all necessary governmental and
regulatory approvals will be received as and when expected.
Although the Company believes that the assumptions and factors used
in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such
information. The Company disclaims any intention or obligation to
update or revise any forward-looking information, other than as
required by applicable securities laws.
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.
SOURCE Awalé Resources Limited
