Mr. Glen Parsons reports

AWALE RESOURCES - CLOSING OF FINANCING

Awale Resources Ltd. has closed its previously announced non-brokered private placement of 44,417,440 units at a price of seven cents cents per unit, raising gross proceeds of $3,109,222. Each unit consists of one common share of the company and one share purchase warrant entitling the holder to acquire one additional common share at a price of 14 cents until expiry on July 8, 2023.

The proceeds of the offering are to be used by the company for continuing exploration expenditure, 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.

All securities issued under the offering are subject to a hold period trading restriction which will expire on Nov. 9, 2020.

Existing insiders of the company participated in the offering acquiring, directly or indirectly, for an aggregate of 12,227,156 units representing 10 per cent of the company's issued and outstanding shares on an undiluted basis and 17.9 per cent on a partially diluted basis. Additionally, copies of the early warning reports for Capital DI Ltd. and Glen Parsons will be available on Awale's issuer profile on SEDAR.