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, July 9, 2020 , Awalé Resources Limited. (ARIC -TSX.V) (the "Company" or

“Awalé”) is pleased to announce that it has closed its previously announced non-brokered private

placement (the “Offering”) of 44,417,440 Units at a price of $0.07 cents per Unit, raising gross

proceeds of $3,109,222. Each Unit consists of one common share of the Company and one share

purchase warrant entitling the holder to acquire one additional common share at a price of $0. 14

cents until expiry on July 8, 2023.

The proceeds of the Offering are to be used by the Company for ongoing exploration expenditure,

including drilling at the recent high -grade gold discovery on its Empire Prospect at the Odienné

Project (New Release November 19,2019 ) in Cote D’Ivoire, and for general overhead and

operating expenses.

All securities issued under the Offering are subject to a hold period trading restriction which

will expire on November 9, 2020.

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

an aggregate of 12,227,156 units representing 10% of the Company’s issued and outstanding

shares on an undiluted basis and 17.9% on a partially diluted basis . Additionally, copies of the

early warning reports for Capital DI Limited and Glen Parsons 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.