Awalé Resources Limited announced that it expects to receive CAD 1.5 million in funding from Orecap Invest Corp.

Awalé Resources Limited announced a non-brokered private placement of 12,500,000 units at a price of CAD 0.12 per unit for gross proceeds of CAD 1,500,000 on April 24, 2023. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant can be exercised to acquire one common share at a price of CAD 0.2 per share for a period of 36 months from the date of closing.

The transaction is subject to approval from TSX Venture Exchange including regulatory approvals. The securities will be subject to a hold period of four months from the date of issuance. The transaction is expected to close on May 5, 2023.