Awale Announces C$10 Million Bought Deal Private Placement of Units
The Canadian mineral exploration company, Awale Resources (TSXV: ARIC), has recently entered into a binding agreement to complete a C$10 million bought deal private placement of units with a syndicate of underwriters co-led by Canaccord Genuity Corp. and PI Financial Corp.
Under the terms of the agreement, the company will issue a total of 18,181,820 units at a price of C$0.55 per unit. Each unit consists of one common share of Awale Resources and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of C$0.75 for a period of two years following the closing of the offering.
Awale Resources plans to use the proceeds from the offering for exploration and development of its mineral properties in West Africa, including its flagship projects in Côte d’Ivoire and Burkina Faso. The company has been actively expanding its exploration activities in the region and is focused on discovering and developing high-grade gold deposits.
The bought deal private placement is subject to customary closing conditions, including the receipt of all necessary regulatory approvals. The company expects the offering to close on or about April 30, 2022.
Awale Resources’ management team is excited about the potential of the company’s projects and the opportunities that this financing will provide to advance its exploration programs. With a strong portfolio of assets and a commitment to sustainable and responsible mining practices, Awale Resources is well-positioned to create long-term value for its shareholders and stakeholders.
The completion of this C$10 million bought deal private placement underscores the confidence that investors have in Awale Resources and its exploration strategy. With a solid financial position and a clear roadmap for growth, the company is poised for further success in unlocking the mineral potential of West Africa.
In conclusion, Awale Resources’ announcement of the C$10 million bought deal private placement of units represents a significant milestone in the company’s growth trajectory. With the funds raised, Awale Resources is well-equipped to advance its exploration efforts and unlock the full potential of its mineral properties in West Africa.