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Awale closes tranche of placement, to close second one
2021-05-04 00:02 ET - News Release
Mr. Glen Parsons reports
2ND TRANCHE FINANCING
Awale Resources Ltd. has closed the first tranche of its non-brokered private placement financing with the issuance of 17,207,200 units for gross proceeds of $1,032,430.00. The 17,207,200 common shares issued pursuant to this closing are subject to a hold period expiring on Aug. 28, 2021, and the 8,601,100 warrants issued forming part of the units are exercisable at 12 cents and will expire on April 27, 2023.
The company has had increased demand for its private placement initially announced March 31, 2021, and wishes to announce that, subject to regulatory approval, its second tranche closing will be 37.5 million units at six cents per unit for additional gross proceeds of $2.25-million.
Each unit will consist of one common share and one-half share purchase warrant. Each whole share purchase warrant will be exercisable at a price of 12 cents to purchase a common share of the company until expiry 24 months from issuance. The gross proceeds of the private placement will be used to finance further development of its Odienne and Bondoukou projects in Ivory Coast and general working capital.
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