Fortuna Mining Corp. announced the completion of a strategic investment in Awalé Resources Limited, a TSX Venture Exchange-listed mineral exploration company. Fortuna acquired 15,037,593 common shares of Awalé through a non-brokered private placement, representing approximately 15 percent of Awalé’s issued shares.
The investment totaled US$6,000,000 (CAD$8,264,999) at a cost of US$0.399 per share (CAD$0.55 per share). This move strengthens Fortuna’s exploration pipeline in Côte d’Ivoire, aligning with its long-term growth strategy by leveraging Awalé’s presence and geological understanding in the emerging Odienné Project district.
In connection with the investment, Fortuna has been granted investor rights, including pre-emptive rights to maintain its interest in Awalé through future equity financings and top-up rights. This ensures Fortuna can sustain its strategic stake in Awalé as long as it holds a 10% or greater interest, supporting the advancement of discoveries through to production.
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