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Awale Resources Raises C$19 Million in Private Placement Offering of Shares, Adds Third Strategic Investor

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Awale Resources (ARIC.V) said Tuesday it raised C$19 million in a private placement offering with Predictive Discovery (PDI.TO) and Fortuna (FVI.TO).

Predictive, who subscribed for 16.64-million shares at C$0.85 apiece, investing C$14.2 million, becomes the third strategic investor in Awale, alongside Fortuna and Newmont (NEM), a statement said.

Fortuna exercised its participation right and acquired 5.7-million shares for C$4.84 million.

Proceeds from the offering will be used to advance exploration activities at the Odienne Project in Cote d'Ivoire.

Awale Resources shares were last seen down C$0.08 to C$0.78 on the TSX Venture Exchange.

Price: $0.78, Change: $-0.08, Percent Change: -9.30%

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