Awalé Resources Limited. (TSX-V: ARIC) is pleased to announce, with a lead order from Palisades Goldcorp Ltd.; that the Company has negotiated a non-brokered private placement of 42,857,400 Units at a price of CDN $0.07 per Unit. Each Unit consisting of one common share and one share purchase warrant. Each warrant entitling the holder to acquire one additional common share at CAD $0.14 per share for a period of 36 months from issuance.
The gross proceeds, CDN $3,000,020 of the private placement will 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.
Insiders of the Company participating in the Offering acquiring, directly or indirectly, for an aggregate of 13,267,130 Units. The participation by insiders in the private placement is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued nor the consideration being paid exceeds 25% of Awalé’s market capitalization.
The Offering is subject to regulatory approval and all securities issued pursuant to the Offering will be subject to a four month and one day hold period trading restriction from date of issue.
About Palisades Goldcorp
“Palisades Goldcorp is Canada’s new resource focused merchant bank. Palisades’ management team has a demonstrated track record of making money and is backed by many of the industry’s most notable financiers. With junior resource equities valued at generational lows, Palisade’s management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself in undervalued companies and assets with the goal of generating superior returns.”
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