Awalé Resources (TSX-V:ARIC) has closed its previously announced C$19 million ($19.32 million) non-brokered private placement with Predictive Discovery (ASX:PDI) and Fortuna Mining (NYSE:FSM) to advance exploration at its Odienné Gold Project in Côte d’Ivoire.
The company issued 22.3 million shares at C$0.85 per share, bringing total cash holdings to over C$35 million. PDI subscribed for C$14.15 million worth of shares, while Fortuna invested C$4.84 million through its participation rights.
CEO Andrew Chubb says the funding provides financial strength to advance exploration across the company’s 100%-owned properties.
“With three leading mining companies as strategic shareholders and one of the most active drill programs in West Africa, Awalé is well positioned to unlock the full potential of the Odienné district,” Chubb says.
The placement brings Awalé’s total shares outstanding to 141.3 million. No warrants were issued, and all securities are subject to a four-month statutory hold period.
PDI has also secured participation rights to maintain its pro-rata ownership in future equity financings.
Existing shareholder Newmont Ventures retains the right to participate in the placement to maintain its ownership position.
Under the terms, Awalé may issue up to 14.8 million additional shares at C$0.85 per share for gross proceeds of up to C$12.5 million if Newmont exercises its full participation rights.
The Odienné Project covers 2,346km² across seven permits, including 797km² held under the Awalé-Newmont joint venture. The project hosts an inferred mineral resource estimate of 1.71 million ounces gold equivalent across the BBM, Charger, and Empire deposits.
Awalé manages exploration activities across the JV area, with funding provided by Newmont.
Awalé Resources is a mineral explorer focused on discovering gold and gold-copper deposits in Côte d’Ivoire.
Write to Paula Fabe at Mining.com.au
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