Fortuna Mining Announces Strategic Investment in Awalé Resources
Fortuna Mining's Strategic Investment Overview
Fortuna Mining Corp. is thrilled to share that it has successfully acquired 15,037,593 common shares of Awalé Resources Limited, a notable mineral exploration company listed on the TSX Venture Exchange. This investment marks an important step for Fortuna in enhancing its exploration and growth strategies in the mining sector.
Details of the Acquisition
The total cost for the shares amounted to approximately US$6,000,000, translating to US$0.399 per share. Prior to this acquisition, Fortuna had no shares in Awalé. Following this strategic investment, Fortuna now holds about 15 percent of Awalé's outstanding shares, which signifies an essential foothold in an emerging market.
Insights from Fortuna's Leadership
Paul Weedon, Fortuna's Senior Vice President of Exploration, expressed enthusiasm regarding the investment, stating, "Awalé’s Odienné Project presents a unique opportunity for us. Our in-country exploration team possesses the right expertise to progress the project from discovery to production effectively. We look forward to leveraging Awalé’s strong presence and insights to ensure mutual success in our exploration endeavors." His statement underscores the alignment between Fortuna’s strategic objectives and Awalé's operational capabilities.
Investment Strategy and Market Intentions
The acquisition was made through a non-brokered private placement, reflecting Fortuna’s proactive investment strategy. The company may increase its stake in Awalé or choose to sell shares based on market conditions and future opportunities. This flexibility showcases Fortuna's strategic planning in navigating the mining landscape.
Investor Rights Agreement with Awalé Resources
In conjunction with the investment, Fortuna Mining entered into an Investor Rights Agreement with Awalé. This agreement outlines pre-emptive rights allowing Fortuna to maintain its ownership percentage during future equity financings. Additionally, Fortuna has top-up rights to purchase more shares, ensuring their influence and investment remain substantial in Awalé’s future growth.
About Fortuna Mining Corp.
Fortuna Mining Corp. is a prominent Canadian mining company involved in precious metals production with operational sites in locations such as Argentina, Côte d’Ivoire, and Peru. Sustainability is at the heart of Fortuna’s mission, illustrating a commitment to environmental protection and social responsibility. By producing gold and silver, Fortuna aims to create long-term value for its stakeholders and the communities surrounding its operations.
Engagement with Stakeholders
Fortuna Mining actively engages with its stakeholders to ensure transparency and build trust. Interested parties can view Fortuna’s early warning report filed on SEDAR+ to find detailed information regarding its acquisition strategy and future plans. Stakeholders are encouraged to reach out via the email provided for inquiries and additional information.
Frequently Asked Questions
What motivated Fortuna Mining to invest in Awalé Resources?
Fortuna Mining sees the Odienné Project as a strategic opportunity for growth, supported by a capable exploration team and strong geological insights.
How much of Awalé Resources does Fortuna currently own?
Following the recent acquisition, Fortuna owns approximately 15 percent of Awalé's issued shares.
What are the benefits of the Investor Rights Agreement?
The Investor Rights Agreement provides Fortuna with pre-emptive rights to maintain its ownership percentage and additional rights to acquire more shares during future financings.
What are Fortuna's key operational areas?
Fortuna operates in Argentina, Côte d’Ivoire, Mexico, and Peru, focusing on precious metals and ensuring sustainable practices in its operations.
Where can I find more information about Fortuna's operations?
For detailed information, stakeholders can visit Fortuna Mining's official website to explore their initiatives and reports.
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