Awalé Resources (TSX-V:ARIC) has announced a C$14.15 million ($14.4 million) strategic investment by Predictive Discovery (ASX:PDI) to advance exploration at the company’s wholly owned Odienné Project in Côte d’Ivoire.
Under the terms of the non-brokered private placement, Awalé will issue 16,642,352 common shares at C$0.85 per share to Predictive, representing a 10% premium to the five-day volume-weighted average trading price of shares on the TSX-V ending 10 July 2026.
The offering is expected to close in late July 2026, subject to all closing conditions being satisfied. The shares represent around 12.3% of all issued and outstanding common shares in the company. With the closing, Predictive will be granted participation rights and top up rights in order to maintain its pro-rata ownership in Awalé.
The company notes that a joint technical advisory committee will be formed between the two parties following the closing.
Awalé CEO Andrew Chubb says that the company is pleased to welcome Predictive as a strategic shareholder, noting its strong West African platform.
“This investment strengthens Awalé’s balance sheet and post-closing leaves the company with over $30 million available to advance its 100%-owned ground,” Chubb says.
“PDI’s decision to invest following our initial mineral resource also provides strong independent validation of both the quality of the resource and its district-scale growth potential that remains at Odienné.
“As the third mining company to make a strategic investment in Awalé, PDI reinforces the quality of our assets, our team, and our exploration strategy.”
Fortuna Mining (TSX:FVI) and Newmont Ventures, a wholly owned subsidiary of Newmont Corporation (ASX:NEM) are also significant shareholders in the company, with Fortuna holding 12.6% and Newmont holding 8.2% of shares outstanding.
Awalé Resources is a mineral exploration company focused on discovering large-scale gold and gold-copper deposits in Côte d’Ivoire.
Write to Amy Rotman at Mining.com.au
Images: Awalé Resources
