The newest shakings in the junior mining sector involves Vancouver-based Awalé Resources Limited. (TSX-Venture:ARIC). The company told investors Wednesday it has negotiated a non-brokered private placement of 11,094,445 units at 18 cents each.
Each unit consists of one common share and one-half share purchase warrant. Each whole warrant entitling the holder to acquire an additional common share at 32 cents per share for a period of 24 months from issuance
Soon after, ARIC will have a right to accelerate the expiry of the Warrants if the closing price of the Company's shares equals or exceeds 40 cents per share for a period of 20 consecutive days during the term of the Warrant.
The gross proceeds of the private placement, $1.997 million, will be used by the Company for ongoing exploration expenditure on its projects in the Ivory Coast and for general overhead and operating expenses.
Shares in ARIC gained four cents, or 25%, to 20 cents, on volume of 872,000 shares
