Awalé Resources Announces Shares FOR Debt Increase
AWALÉ RESOURCES ANNOUNCES SHARES
FOR DEBT INCREASE
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
/
VANCOUVER, BC
,
May 16, 2023
/CNW/ - Awalé Resources Limited (TSXV: ARIC) ("
Awalé
" or
the "
Company
") is pleased to announce that, subject to TSX Venture Exchange acceptance, it
intends to settle additional outstanding accounts of
CAD$231,428.96
(for an aggregate settlement of
CAD$481,428.96
) to certain directors, officers and consultants of the Company through the issuance
of an additional 1,928,575 common shares of the Company ("
Common Shares
") for an aggregate
issuance of 4,011,908 Common Shares (the "
Settlement Shares
") at a deemed price of
CAD$0.12
per Settlement Share. 1,855,413 Settlement Shares will be issued concurrently with
closing of the brokered and non-brokered private placements (the "
Closing
") also announced on
April 25, 2023
and 2,156,495 Settlement Shares will be issued on receipt, and subject to, approval
of the disinterested shareholders of the Company which approval will be sought shortly following
Closing.
AWALÉ RESOURCES LIMITED
"Robin Birchall"
Robin
Birchall
, Non-Executive Chairman and Director
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 currently 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 (the "
Newmont JV
") covering the Odienné Project in
the Northwest of Côte d'Ivoire, where three significant gold and gold-copper-silver-molybdenum
discoveries have been made. The Sceptre East and Charger discoveries have significant scope for
growth with future discovery and resource development drilling. The project has multiple pipeline
prospects that follow the same geochemical fingerprint as Iron Oxide Copper Gold ("
IOCG
") and
intrusive related targets. The 400km
2
of granted tenure and 400km
2
under application remains
underexplored and offers significant upside potential. The Newmont JV forms a solid foundation for
the Company to continue exploring in a pro-mining jurisdiction that offers significant potential for
district scale discoveries.
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
Annual Filings; the impact of the MCTO on the Company, its shareholders, directors, officers and
securities; the expected duration of the MCTO; and the expected closing of the Company's
financing. 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.
The Company cautions investors that any forward–looking statements by the Company are not
guarantees of future results or performance and that actual results may differ materially from those
in forward– looking statements as a result of various factors, including the potential inability to obtain
required regulatory approvals and satisfy other applicable closing conditions; possible adverse
impacts due the global outbreak of COVID–19; the Company's inability to generate sufficient cash
flow or raise sufficient additional financing requirements; volatility in metals prices; the ability of the
Company to retain its key management employees and skilled and experienced personnel; conflicts
of interest; litigation or other administrative proceedings brought against the Company; actual or
alleged breaches of governance processes or instances of fraud, bribery or corruption; exploration,
development and mining risks and the inherently dangerous nature of the mining industry, and the
risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and
uncertainties; property and mineral title risks including defective title to mineral claims or property;
changes in national and local government legislation, taxation, controls, regulations and political or
economic developments in
Canada
and Côte d'Ivoire; equipment shortages and the ability of the
Company to acquire necessary access rights and infrastructure for its mineral properties;
environmental regulations and the ability to obtain and maintain necessary permits, including
environmental authorizations and water use licences; extreme competition in the mineral exploration
industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations
or failures to comply with the terms of such permits; risks of doing business in Côte d'Ivoire,
including but not limited to, labour, economic and political instability and potential changes to and
failures to comply with legislation; the Shares may be delisted from the TSX Venture Exchange if it
cannot maintain compliance with the applicable listing requirements; and other risk factors described
other filings with Canadian securities regulators, which may be viewed at
www.sedar.com
. Any
forward–looking statement speaks only as of the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any intent or obligation to update any
forward–looking statement, whether because of new information, future events or results or
otherwise.
NEITHER 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.
NEITHER 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
Awale Resources
View original content:
http://www.newswire.ca/en/releases/archive/May2023/16/c1538.html
%SEDAR: 00038022E
For further information:
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.
CO: Awale Resources
CNW 17:35e 16-MAY-23