Awale Resources Ltd (TSX-V:ARIC) has successfully concluded its bought-deal private placement, initially announced in April, raising just over $11.5 million.
The offering, underwritten by Canaccord Genuity (TSX:CF, LSE:CF) Corp, saw the company issue 18,549,500 units, including those from the full exercise of the over-allotment option, at a price of C$0.62 per unit.
Each unit comprises one common share and one-half of one common share purchase warrant, with each warrant allowing the purchase of one common share at C$0.80 until May 8, 2026.
The proceeds will primarily finance Awalé's projects in Côte d'Ivoire, along with supporting working capital and general corporate purposes.
Awalé Resources is focused on discovering sizable high-grade gold and copper-gold deposits.
Operating primarily in the underexplored regions of Côte d'Ivoire, the company has achieved success in exploration, as evidenced by a fully funded earn-in joint venture with Newmont Ventures Limited on the Odienné project.
Within this partnership, Awalé has made four substantial discoveries encompassing gold and gold-copper-silver-molybdenum deposits.