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VANCOUVER , Sept. 27, 2018 /CNW/ - Awalé Resources Limited. (ARIC-TSX.V) (the "Company" or "Awalé") is pleased to announce that it has completed its previously announced non-brokered private placement (the "Offering") of 6,660,000 common shares of the Company, at a price of 12.5 cents per share, raising gross proceeds of $832,500 . 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 hold period trading restriction of four months and a day from the date of distribution which will expire January 25, 2019 .
Existing Insiders of the Company participated in the Offering acquiring, directly or indirectly, an aggregate of 2,840,000 shares. Of these, Sandstorm Gold Ltd ("Sandstorm") acquired 1.2 million common shares, which is in addition to its previous ownership position of approximately 3.1 million shares. Sandstorm now owns approximately 12% of the issued and outstanding common shares of Awalé. The shares are for investment purposes only and depending upon market and other conditions, or as future circumstances may dictate, Sandstorm may, from time to time, increase or decrease its holdings of Awalé. A copy of the early warning report of Sandstorm 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 , 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
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