A drill rig at the Odienné project in northwest Côte d’Ivoire. Credit: Awalé Resources
Awalé Resources (TSXV: ARIC) has been given a C$8.26 million ($6 million) investment boost from Fortuna Mining (TSX: FVI; NYSE: FSM) to support its exploration activities in Côte d’Ivoire, sending its shares higher.
In a press release Thursday, Awalé said Fortuna, which also operates in the African nation, will buy roughly 15 million of its shares at C$0.55 per share, for a premium of 19% to the stock’s 10-day volume-weighted average on the TSX Venture Exchange.
The announcement sent Awalé’s shares 14% higher by midday in Toronto, trading at C$0.49 apiece for a market capitalization of approximately C$42.9 million ($31 million).
At closing, Fortuna will own approximately 15% of Awalé’s shares, joining Newmont (TSX: NGT, NYSE: NEM) and Orecap Invest as the largest shareholders in the…
