PR Newswire | Jan 6, 2022 09:01AM EST

01/06 08:00 CST

Awal Resources Issues payment shares under MOU Drill for Equity VANCOUVER, BC, Jan. 6, 2022

VANCOUVER, BC, Jan. 6, 2022 /PRNewswire/ - Awal Resources Ltd. (TSXV: ARIC) (the "Company" or "Awal") is pleased to announce that it has received Exchange approval and has issued 218,249 payment shares at an effective price of around C$0.23 in settlement of C$49,673.27 in drilling services pursuant to the Memorandum of Understanding ("MoU") with Geodrill Limited (TSX: GEO) ("Geodrill") as originally 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 May 4, 2022.

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