Awal? Resources - Closing of Financing

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, Dec. 13, 2019 /CNW/ - Awalé Resources Limited. (ARIC-TSX.V) (the "Company" or "Awalé") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering") of 11,294,445 Units at a price of $0.18 cents per Unit, raising gross proceeds of $2,033,000. Each Unit consist of one common share of the Company and one-half share purchase warrant, each whole warrant entitling the holder to acquire one additional common share at a price of $0.32 cents until expiry on December 12, 2021.  The Warrants are further subject to accelerated expiry terms as previously announced.

The proceeds of the Offering are to be used for ongoing exploration expenditure on its projects in Côte D'Ivoire and for general overhead and operating expenses.

All securities issued under the Offering are subject to a four month and one day hold period trading restriction which will expire on April 13, 2020.

Existing Insiders of the Company participated in the Offering acquiring, directly or indirectly, an aggregate of 3,069,434 units representing 3.85% of the Company's issued and outstanding shares on an undiluted basis and 5.67% on a partially diluted basis.  Additionally, copies of the previously announced early warning reports for Capital DI Limited, Glen Parsons and Sandstorm Gold Ltd. will be available on Awalé's issuer profile on SEDAR at www.sedar.com.'

ON BEHALF OF THE BOARD OF DIRECTORS
AWALE RESOURCES LTD.

"Glen Parsons"
Glen Parsons, Director

Neither the 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. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE Awale Resources