Awalé Resources - 2nd Tranche Financing

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

VANCOUVER, May 3, 2021 - Awalé Resources Ltd. (TSXV: ARIC) (the "Company") wishes to announce that it closed the 1^st tranche of its non-brokered private placement financing with the issuance of 17,207,200 units for gross proceeds of $1,032,430.00. The 17,207,200 common shares issued pursuant to this closing are subject to a hold period expiring on August 28, 2021 and the 8,601,100 warrants issued forming part of the unit, are exercisable at $0.12 and will expire on April 27, 2023.

The Company has had increased demand for its private placement initially announced March 31, 2021, and wishes to announce that, subject to regulatory approval, its second tranche closing will be 37,500,000 units at $0.06 per unit for additional gross proceeds of $2,250,000.

Each Unit will consist of one common share and one-half share purchase warrant; each whole share purchase warrant will be exercisable at a price of $0.12 to purchase a common share of the Company until expiry 24 months from issuance. The gross proceeds of the private placement will be used to fund further development of its Odienné and Bondoukou projects in Cote d'Ivoire and general working capital.

ON BEHALF OF THE BOARD OF DIRECTORS
AWALÉ 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