Awalé’s Big Move: Secures C$10 Million in Bought Deal Private Placement of Units

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

Awale Resources Limited (TSXV: ARIC) (Awale or the Company) is pleased to announce that it has entered into an agreement with Mackie Research Capital Corporation (Mackie) as sole underwriter and sole bookrunner, pursuant to which Mackie has agreed to purchase, on a bought-deal private placement basis, 16,666,667 units of the Company (the Units) at a price of C$0.60 per Unit (the Offering Price) for gross proceeds to the Company of approximately 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). Each Warrant will be exercisable to acquire one Common Share at an exercise price of C$0.90 per Common Share for a period of 24 months following the closing date of the Offering.

The Company has granted Mackie an option (the Underwriter’s Option) to purchase up to an additional 2,500,000 Units at the Offering Price, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering. If the Underwriter’s Option is exercised in full, the gross proceeds of the Offering will be approximately C$11.5 million.

The net proceeds from the Offering will be used to fund the exploration and development of the Company’s projects, and for general corporate purposes.

Closing of the Offering is anticipated to occur on or about November 19, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange 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 such other jurisdictions as may be agreed upon by the Company and Mackie.

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