AWALĖ RESOURCES - Completion of 1st Tranche Financing

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

VANCOUVER, BC, March 25, 2022 /CNW/ - Awalé Resources Limited. (TSXV: ARIC) (the "Company" or "Awalé") is pleased to announce that it has completed the 1st tranche of its non-brokered private placement as announced March 22, 2022, for 4,032,500 units at a price of $0.20 per unit raising gross proceeds of $806,500.

The proceeds of the Offering are to be used for ongoing exploration expenditure on its Odienne project in Côte D'Ivoire and for general overheads, working capital and operating expenses. The units consist of one common share and one-half share purchase warrant, each whole warrant entitling the holder to acquire one additional common share at a price of $0.40 per share until expiry on March 24, 2024,

All securities issued under the Offering are subject to a hold period trading restriction which will expire July 25,2022.

Existing Insiders of the Company participated in the Offering acquiring, directly or indirectly, for an aggregate of 2,171,500 units

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

For additional information you are invited to visit the Awalé Resources Limited website at www.awaleresources.com, or contact Karen Davies, Head of Investor Relations at Tel: [phone]