Predictive Forecasting Limited (ASX: PDI, TSX: PDI) Invested $14.15 million in Awali Resources (TSXV: ARIC). Following the transaction, PDI will own 12.3% of Awalé.
Awalé is a Canadian-based exploration company focused on discovering large-scale copper and gold deposits in northern Côte d’Ivoire. The Udine project site extends over an area of 2,346 square kilometers2 Through seven exploration permits. One site contains 32.4 million tonnes grading 1.64 g/t gold equivalent, with a total of 1.71 million ounces of gold contained, in a joint venture with a subsidiary of Newmont Corporation.
“The Awalé management team has done an outstanding job in developing the Odienné project to the point where it shows real potential as a future gold mine of significance,” said Matthew Wilcox, CEO and Managing Director of PDI.
Investment details
The companies have entered into a binding subscription agreement. PDI will subscribe for 16,642,352 Awalé common shares at a price of US$0.85 each for a total investment of approximately US$14.15 million.
PDI will also enter into an Investor Rights Agreement with Awalé, giving it the ability to maintain its ownership through participation rights, leverage and certain information in exploration projects. The companies will also form a joint technical advisory committee.
The investment is expected to close in late July, subject to regulatory approvals.
PDI is a gold producer in West Africa. It owns the Kinyero, Nampala and Bankan gold projects.
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