By: African mining market

Fortuna Mining Corp. is pleased to announce that it has acquired 15,037,593 common shares of Awalé Resources Limited, a TSX Venture Exchange listed mineral exploration company which is currently advancing its 100% owned properties at the Odienné Project in Côte d’Ivoire.

“Awalé’s Odienné Project represents a compelling opportunity for Fortuna in Côte d’Ivoire,” said Paul Weedon, SVP Exploration of Fortuna. “Our experienced in-country exploration team is well positioned to help advance discoveries through to production. Awalé has built a strong presence in this emerging district and, through their capable and active team, developed a solid geological understanding across the portfolio. We look forward to supporting exploration across Awalé’s 100 percent-owned properties at the Odienné Project with the benefit of their insights.” Mr. Weedon concluded, “This investment strengthens Fortuna’s exploration pipeline in Côte d’Ivoire and is aligned with our long-term growth strategy.”

The Shares were acquired pursuant to a non-brokered private placement transaction at a cost of US$0.399 per Share (CAD$0.55 per Share) for gross proceeds of US$6,000,000 (CAD$8,264,999). Prior to this acquisition, Fortuna owned no shares of Awalé, and following the acquisition, Fortuna owns approximately 15 percent of Awalé’s issued shares.

The Shares were acquired for investment purposes. Fortuna may acquire additional securities of Awalé or dispose of its existing securities of Awalé on the basis of Fortuna’s assessment of market conditions, reformulation of plans and/or other relevant factors, in each case in accordance with applicable securities regulatory requirements.

In connection with the investment, Fortuna has entered into an investor rights agreement (the “Investor Rights Agreement”) with Awalé. Under the terms of the Investor Rights Agreement, Fortuna has been granted, among other things, (i) pre-emptive rights to maintain its interest in Awalé through participation in future equity financings of the Company and (ii) top-up rights to purchase additional shares in order to maintain its interest in Awalé. Fortuna will have such investor rights for so long as it holds a 10% or greater interest in Awalé (calculated in accordance with the terms of the Investor Rights Agreement).