Awal Resources Ltd CEO Andrew Chubb speaks to Thomas Warner from Proactive after the junior exploration company closed a non-brokered private placement with Newmont Ventures Limited, a subsidiary of Newmont Corporation, raising nearly C$1 million. The funds will be allocated for greenfield exploration on the Odienn project permits and enhances Newmont's stake in the company to 15%.
Originally holding 10% of Awal through a joint venture, Newmont's investment dipped but was restored and increased at a premium price. This financial boost enables Awal to accelerate exploration on their wholly-owned permits, which encircle the two properties jointly ventured with Newmont.
Chubb suggests that the expanded investment from Newmont not only demonstrates trust in Awal's operational approach but also signifies the potential of the district where they operate. Reflecting on 2023, Chubb expresses satisfaction with the company's progress.
View source version on newsdirect.com: https://newsdirect.com/news/awale-resources-sees-fresh-newmont-investment-as-statement-of-confidence-in-the-story-731592651
Awal Resources Ltd