AWALĖ RESOURCES – Closing of Financing

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE

UNITED STATES

AWALĖ RESOURCES – Closing of Financing

Vancouver, BC, December 13, 2019, Awalé Resources Limited. (ARIC-TSX.V) (the "Company"

or “Awalé” ) is pleased to announce that it has c losed its previously announced non -brokered

private placement (the “Offering”) of 11,294,445 Units at a price of $0.18 cents per Unit, raising

gross proceeds of $2,033,000. Each Unit consist of one common share of the Company and one -

half share purchase warrant, each whole warrant entitling the holder to acquire one additional

common share at a price of $0.32 cents until expiry on December 12, 2021. The Warrants are

further subject to accelerated expiry terms as previously announced.

The proceeds of the Offering are to be used for ongoing exploration expenditure on its projects in

Côte D’Ivoire and for general overhead and operating expenses.

All securities issued under the Offering are subject to a four month and one day hold period

trading restriction which will expire on April 13, 2020.

Existing Insiders of the Company participated in the Offering acquiring, directly or indirectly, an

aggregate of 3,069,434 units representing 3.85% of the Company’s issued and outstanding shares

on an undiluted basis and 5.67% on a partially diluted basis. Additionally, copies of the previously

announced early warning reports for Capital DI Limited, Glen Parsons and Sandstorm Gold Ltd.

will be available on Awalé’s issuer profile on SEDAR at www.sedar.com.’

ON BEHALF OF THE BOARD OF DIRECTORS

AWALE RESOURCES LTD.

“Glen Parsons”

Glen Parsons, Director

For additional information you are invited to visit the Awalé Resources Limited website at

www.awaleresources.com, or contact Karen Davies, Head of Investor Relations at Tel: 604.314.6270

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 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.