VANCOUVER, BC,
Oct. 27,
2023 /CNW/ - Awalé Resources Limited
("Awalé" or the "Company")
(TSXV: ARIC) wishes to announce that it has issued
the balance of 1,812,230 shares in settlement of outstanding debt.
Requiring shareholder approval obtained on September 6th, the Company has issued
an aggregate of 3,978,882 shares in settlement of $477,465 of debt. The recent shares issued are
subject to a hold period trading restriction expiring February 21, 2024.
Additionally, the Company wishes to clarify that in its news
release dated May 24, 2023 it
incorrectly stated that its incentive stock options granted were
exercisable at $0.20. The 3,605,000
options granted are exercisable at $0.12 per share until expiry.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company
focused on the discovery of large high-grade gold and copper-gold
deposits. The Company currently undertakes exploration activities
in the underexplored parts of Côte d'Ivoire. Awalé's exploration
success to date has culminated in a fully funded earn-in Joint
Venture with Newmont covering one permit and one application (the
"Odienné Project JV") within the greater Odienné Copper-Gold
Project in the Northwest of Côte d'Ivoire, where three significant
gold and gold-copper-silver-molybdenum discoveries have been made.
The Sceptre East and Charger discoveries have significant scope for
growth with future discovery and resource development drilling. The
project has multiple pipeline prospects that have similar
geochemical fingerprints to Iron Oxide Copper Gold ("IOCG") and
intrusive related mineral systems. The 400km2 of granted
tenure and 400km2 under application remains
underexplored and offers significant upside potential. The Odienné
Project JV forms a solid foundation for the Company to continue
exploring in a pro-mining jurisdiction that offers significant
potential for district scale discoveries.
ON BEHALF OF THE BOARD
AWALE RESOURCES LIMITED
Andrew Chubb, CEO and Director
Forward‐Looking Information
This press release contains
forward‐looking information within the meaning
of Canadian securities
laws (collectively "forward‐looking statements").
Forward‐looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, plans, postulate
and similar expressions, or are those, which, by their nature,
refer to future events. All statements that are not statements of
historical fact are forward‐looking statements. Forward‐looking
statements in this press release include but are not limited to
statements regarding the Company's presence in Côte d'Ivoire
and ability to achieve results, creation of value for Company
shareholders, achievements under the Newmont JV, planned drilling,
commencement of operations, Although the Company believes any
forward‐looking statements in this press release are reasonable, it
can give no assurance that the expectations and assumptions in such
statements will prove to be correct.
The Company cautions investors that any forward‐looking
statements by the Company are not guarantees of future results or
performance and that actual results may differ materially from
those in forward‐ looking statements as a result of various
factors, including the potential inability to obtain required
regulatory approvals and satisfy other applicable closing
conditions; possible adverse impacts due the global outbreak of
COVID‐19; the Company's inability to generate sufficient cash flow
or raise sufficient additional financing requirements; volatility
in metals prices; the ability of the Company to retain its key
management employees and skilled and experienced personnel;
conflicts of interest; litigation or other administrative
proceedings brought against the Company; actual or
alleged breaches of governance processes or instances
of fraud, bribery or corruption; exploration,
development and mining risks and the inherently dangerous nature of
the mining industry, and the risk of inadequate insurance or
inability to obtain insurance to cover these risks and other risks
and uncertainties; property and mineral title risks including
defective title to mineral claims or property; changes in national
and local government legislation, taxation, controls, regulations
and political or economic developments in Canada and Côte d'Ivoire; equipment
shortages and the ability of the Company to acquire necessary
access rights and infrastructure for its mineral properties;
environmental regulations and the ability to obtain and maintain
necessary permits, including environmental authorizations and water
use licences; extreme competition in the mineral exploration
industry; delays in obtaining, or a failure to obtain, permits
necessary for current or future operations or failures to comply
with the terms of such permits; risks of doing business in
Côte d'Ivoire, including but not limited to, labour, economic
and political instability and potential changes to and failures to
comply with legislation; the Company's common shares may be
delisted from the TSX Venture Exchange if it cannot
maintain compliance with the applicable listing requirements; and
other risk factors described other filings with Canadian securities
regulators, which may be viewed at www.sedar.com. Any
forward‐looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward‐looking statement, whether because of new information,
future events or results or otherwise.
Cautionary Statement
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
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SOURCE Awale Resources