Awalé Resources announces the closing of a private placement and exploration agreement on the Odienné project, Côte d’Ivoire

VANCOUVER, BC, June 15, 2022 /CNW/ – Awalé Resources Limited (“Awalé” or the “Company”) (TSXV: ARIC) is pleased to announce the closing of the previously announced private placement pursuant to a transaction (the “Transaction”) (NR from May 31, 2022, Exploration JV-Odienne) with Newmont Ventures Limited (“Newmont”), a wholly owned subsidiary of Newmont Corporation (NYSE: NEM; TSX: NGT).

The Transaction, as described below, comprises a Private Placement and an Exploration Agreement on the Odienné Project, Côte d’Ivoire dated May 27, 2022 with Newmont.

The Odienné Project currently has two main targets for world-class discoveries: i) the rich Empire gold corridor which includes the high-grade gold discovery of Awalé Empire Main and, ii) the large Scepter Iron target Oxide Copper Gold (“IOCG”) recently defined. . In addition to these, the remainder of the granted license and contiguous application license remain underexplored and have significant IOCG potential.

Private placement

The Company has finalized its private placement without intermediary as announced May 31stst2022, consisting of 3,232,994 common shares issued to Newmont at a price of $0.197 per share generating gross proceeds of $636,900 (the “Offer”). The proceeds of the Offering are to be used for ongoing exploration expenses on the Company’s projects in Côte d’Ivoire. All securities issued under the offering are subject to a blackout period which will expire on October 16, 2022.

Following the Offer, Newmont became an insider of the Company having acquired 10.49% of the currently issued and outstanding shares of the Company.

Exploration Agreement Key Terms

The Exploration Agreement gives Newmont the option to fund exploration activities up to a pre-feasibility phase on the following basis:

Stage 1 Newmont can acquire a 51% interest in the Odienné project by:

  • Single funding $5 million in exploration expenditures within three years of the effective date of the exploration agreement.
  • The Odienné project will be operated by Awalé during this period.

Phase 2- Newmont can acquire an additional 14% interest for a total 65% interest in the Odienné project by:

  • finance another $10 million in exploration expenses, and
  • Define a minimum gold resource of 2 million ounces.
  • Newmont has the option to choose to become a Project Manager at the start of Phase 2.
  • Phase 2- Newmont may acquire an additional 10% interest, not held by Awalé, for a total of a 75% interest in the Odienné project:
  • Newmont has separately entered into an exclusive option agreement to purchase the 10% minority interest in the Odienné project, which, if exercised, would increase Newmont’s interest to 75%.

To facilitate this option Awalé advanced the minority holders $100,000. These funds must be repaid by Newmont before December 31, 2023 and bears interest at the US prime rate plus 4.5%.

Post Phase 2

  • Awalé can retain its 25% stake in the project by financing its proportional cost of a feasibility study on the Odienné project and the development of a mine. In the event that Awalé chooses not to finance, Awalé may dilute up to 15% net and be effectively brought into production on the following basis


Dilute by an additional 5%, if the Company chooses not to contribute its pro rata share of expenses related to the preparation of a feasibility study for the Property; and


Dilute an additional 5%, if the Company elects to have Newmont pay the Company’s share of the expenses necessary to bring the Property into commercial production.

Early Warning Disclosure in Canada

Newmont today announces that pursuant to a subscription agreement entered into between Newmont and the Company, it has acquired 3,232,994 common shares of the Company (“Shares“) constituting 10.49% of the issued and outstanding ordinary shares of the Company. The shares are acquired at the price of $0.197 per share for total subscription proceeds of $636,900. Prior to this acquisition, Newmont held no securities of the Company.

Newmont has acquired the Shares for investment purposes and, in the future, Newmont may, from time to time, increase or decrease its investment in the Company through market transactions, private agreements, issues cash or otherwise, depending on market conditions and any other relevant factors. .

Newmont’s head office is located at 6900 E Layton Avenue, Suite 700, Denver, CO 80237.

An alert report will be filed by Newmont in accordance with applicable securities laws and will be available under the Company’s profile on the SEDAR website at, and may also be obtained by contacting the persons named below.



“Glen Parson”

Glen ParsonPresident and CEO

For more information, you are invited to visit the Awalé Resources Limited website at, or contact Karen DaviesInvestor Relations Manager at tel: 604.314.6270

About Newmont

Newmont is the world’s leading gold mining company and a producer of copper, silver, zinc and lead. The Company’s portfolio of world-class assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The company is an industry leader in value creation, backed by strong safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.

At Newmont, our goal is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, see our annual sustainability report at

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements contained in this press release are made as of the date hereof. The Company undertakes no obligation to update any forward-looking information except as required by applicable law.



Awalé Resources announces the closing of a private placement and exploration agreement on the Odienné project, Côte d’Ivoire

Awalé Resources announces the closing of a private placement and exploration agreement on the Odienné project, in Côte d’Ivoire

SOURCE Awale Resources

For further information: Media Contact, Courtney Boone, 303.837.5159, [email protected]; Investor Contact, Daniel Horton, 303.837.5468, [email protected]

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