VANCOUVER, BC, Dec. 1, 2022
/CNW/ - Awalé Resources Limited ("Awalé" or the
"Company") (TSXV: ARIC) is pleased to provide a further
update on its acquisition (the "Acquisition") of Colossal
Gold Resources Limited ("Colossal") (refer to the Company's
news releases of September 13,
October 11 and November 8, 2022, for further details). Colossal
holds, through its wholly-owned Surinamese subsidiary, Consolidated
Gold Resources N.V., a 100% interest in certain existing mineral
exploration and exploitation licences in Suriname.
The Company received TSX Venture Exchange (the "TSXV")
acceptance of the Acquisition on September
28, 2022 and obtained the approval of the disinterested
shareholders of the Company for the Acquisition at its annual
general meeting of shareholders held on November 7, 2022. The Company is in the
process of satisfying the filing requirements outlined in the
TSXV's conditional acceptance letter in compliance with TSXV Policy
5.3 to obtain final TSXV.
In addition to final TSXV final acceptance, the Acquisition
remains conditional on Awalé having completed a financing to raise
a minimum of gross proceeds of CAD$2,000,000, the details of which Awalé is in
the process of finalizing.
Awalé and Colossal have agreed to extend the Outside Date for
satisfaction of all closing conditions from November 30, 2022 to December 20, 2022.
About Awalé Resources
Awalé is an exploration company focused on building resources
from 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 (the "Newmont JV") covering the Odienné
Project in the Northwest of Côte d'Ivoire where two primary targets
for world-class discoveries have been made: i) the gold-rich Empire
corridor, and ii) the Charger, Sceptre and now Lando Iron Oxide Copper Gold
("IOCG") targets. Parts of the remaining 200km2 of
granted tenure and 400km2 under application remains
underexplored and offers significant IOCG potential. The Newmont JV
forms the solid foundation for the Company to continue looking at
new opportunities in new jurisdictions which offers significant
potential for district scale discoveries. Awalé is currently in the
process of completing the acquisition of Colossal Gold Resources, a
private company with a highly prospective gold exploration
portfolio in Suriname, which provides an excellent strategic fit
and future growth potential for Awalé.
ON BEHALF OF THE BOARD OF AWALE RESOURCES
LIMITED
"Derk Hartman" – Independent Director and Chairman of the
Special
Committee
Derk Hartman,
Director
Forward-Looking Information
This news 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 such information. The statements in this news
release are made as of the date hereof. The Company undertakes no
obligation to update forward-looking information except as required
by applicable law.
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