PR Newswire | Jul 30, 2021 03:45PM EDT

07/30 14:45 CDT

Awal Resources Issues payment shares under MOU Drill for Equity VANCOUVER, BC, July 30, 2021

VANCOUVER, BC, July 30, 2021 /PRNewswire/ - Awal Resources Ltd. (TSXV: ARIC) (the "Company" or "Awal") is pleased to announce that it has received Exchange approval and has issued 1,121,270 payment shares in settlement of C$81,250.27 in drilling services pursuant to the Memorandum of Understanding ("MoU") with Geodrill Limited (TSX: GEO), (" Geodrill") as announced April 12, 2021.

Pursuant to the MoU's, US$1 million drilling for equity program, Awal has the option to pay Geodrill for its services in cash or a combination of cash and/or shares of the Company pursuant to VWAP and Exchange policy governing market discounts.

The shares are subject to a hold period trading restriction which expires December 1, 2021.

ON BEHALF OF THE BOARD OF DIRECTORS AWAL RESOURCES LTD.

"GlenParsons"Glen Parsons, Director

Neitherthe TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Awale Resources