Awalé Secures C$10 Million in Private Placement Funding Through Bought Deal Offering

Awale Announces C$10 Million Bought Deal Private Placement of Units

Awale Resources Limited (the Company or Awale) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. (the Underwriters) pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, 33,333,334 units of the Company (the Units) at a price of C$0.30 per Unit, for aggregate gross proceeds to the Company of C$10,000,000 (the Offering).

Each Unit will consist of one common share of the Company (a Common Share) and one-half of one Common Share purchase warrant (each whole warrant, a Warrant). Each Warrant will be exercisable to acquire one Common Share for a period of 24 months following the closing date of the Offering at an exercise price of C$0.42 per Common Share.

The Company has granted the Underwriters an option (the Over-Allotment Option), exercisable in whole or in part, at any time up to 48 hours prior to the closing of the Offering, to purchase up to an additional 5,000,000 Units at the Issue Price. If the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering will be C$11,500,000.

The net proceeds from the Offering will be used for exploration and development of the Company’s projects in Cote d’Ivoire and for general corporate purposes.

The Offering is scheduled to close on or about November 18, 2021 (the Closing Date) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The Units will be offered by way of private placement exemptions in all provinces of Canada, and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the U.S. Securities Act).

The securities being offered have not been, and will not be, registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

For further information, please contact the Company at [email protected].

Please visit the official Awale Resources Limited website for more information on the Company, its projects, and latest news: https://www.awaleresources.com.

Source: https://godzillanewz.com/awale-announces-c10-million-bought-deal-private-placement-of-units/.