Mr. Glen Parsons reports

AWALE RESOURCES SECURES FINANCING

Awale Resources Ltd., with a lead order from Palisades Goldcorp Ltd., has negotiated a non-brokered private placement of 42,857,400 units at a price of seven cents per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to acquire one additional common share at 14 cents per share for a period of 36 months from issuance.

The gross proceeds, $3,000,020, of the private placement will be used by the company for continuing exploration expenditures, including drilling at the recent high-grade gold discovery on its Empire prospect at the Odienne project (see news release dated Nov. 19, 2019) in Ivory Coast, and for general overhead and operating expenses.

Insiders of the company participating in the offering are acquiring, directly or indirectly, an aggregate of 13,267,130 units. The participation by insiders in the private placement is considered to be a related party transaction as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued nor the consideration being paid exceeds 25 per cent of Awale's market capitalization.

The offering is subject to regulatory approval and all securities issued pursuant to the offering will be subject to a four-month-and-one-day hold period trading restriction from date of issue.