Share Consolidation and Financing /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Nov. 10, 2021 /CNW/ - Awal Resources Ltd., (TSXV: ARIC) (the "Company") the Company wishes to announce that the directors have approved a consolidation of its common shares on the basis of one new common share for every eight outstanding shares and further plans to complete a non-brokered private placement of up to 10,417,000 shares to raise gross proceeds of up to $2,500,000 on a post consolidated basis, at a price of $0.24 per post consolidated common share. Gross proceeds of up to $2,500,000 will be used for exploration expenses and general working capital. The recapitalizing of the Company allows for greater focus on the Odienn mineralization. Planned drilling for December is to understand and unlock the significance of the IOCG style potential of the copper gold anomalies discovered, as well as the Empire Corridor on the Odienn project, which is now the main focus of the exploration team.