Awale Resources Announces C$10 Million Bought Deal Private Placement of Units
Awale Resources Inc. (TSX-V: ARIC) (Awale or the Company) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. (the Underwriter) for a bought deal private placement offering of units of the Company (the Units) at a price of C$0.30 per Unit (the Offering Price) for aggregate gross proceeds to the Company of C$10 million (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 common share purchase warrant, a Warrant), with each Warrant entitling the holder to purchase one additional Common Share at a price of C$0.45 for a period of 24 months from the closing date of the Offering.
The net proceeds from the Offering will be used for exploration and development of the Company’s projects in Cote d’Ivoire and Mali, as well as for general working capital purposes.
Awale Resources is a junior mineral exploration and development company focused on exploring gold deposits in West Africa. The Company has assembled a highly prospective portfolio of exploration properties in Cote d’Ivoire and Mali, which are both known for their rich mineral endowment and favorable mining policies.
This bought deal private placement signifies a vote of confidence in Awale’s management team and the potential of its projects by investors in the mining sector. The financing will provide the Company with the necessary funds to advance its exploration programs and accelerate the development of its mineral assets.
Philippe Giaro, President and CEO of Awale Resources, commented, We are pleased to have secured this financing with Haywood Securities Inc. This funding will enable us to aggressively explore our properties and further unlock their value for our shareholders. We are excited about the prospectivity of our projects in West Africa and look forward to advancing them to the next stage of development.
In conclusion, the C$10 million bought deal private placement by Awale Resources underscores the confidence of investors in the Company’s projects and management team. With the funds raised, Awale is well-positioned to advance its exploration activities and create value for its shareholders through the discovery and development of gold assets in West Africa.