Fortuna Mining Corp. has exercised its participation right in Awale Resources' non-brokered private placement, agreeing to subscribe for 5,695,312 common shares for roughly $4.84 million. That takes total gross proceeds from the financing to approximately $18,987,000, up from the roughly $14.16 million announced on July 14, 2026.
The anchor of the placement is Predictive Discovery Limited, which is subscribing for 16,642,352 shares at $0.85 each. Together the two subscriptions account for 22,337,664 new shares.
After closing, Awale expects to have 141,334,595 shares issued and outstanding, which implies an increase of about 19 percent over the roughly 119 million shares outstanding beforehand. Predictive Discovery would hold about 11.8 percent on an undiluted basis. Fortuna, already a shareholder, would hold 20,732,905 shares, or about 14.7 percent.
Terms are relatively plain by micro-cap standards: no warrants are attached, and the company has agreed to pay a cash commission of 3.0 percent of the gross proceeds from the Predictive Discovery subscription only, subject to TSX Venture Exchange approval. Shares issued in the placement carry a statutory hold period of four months and one day from closing, meaning they cannot be resold in Canada during that window.
Closing is expected in late July 2026 and depends on final TSXV approval, other regulatory clearances, and execution of an investor rights agreement between Predictive Discovery and Awale. The terms of that agreement have not been disclosed.
Awale says proceeds will go mainly toward exploration on its 100 percent-owned ground at the Odienne project in Cote d'Ivoire. The company states it expects to hold more than $35 million in cash once the placement closes, separate from exploration spending on the joint venture ground, which is funded by Newmont Ventures Limited under an exploration agreement signed in May 2022. That figure is the company's own estimate and has not been confirmed by a filed financial statement.
Chief executive Andrew Chubb described Fortuna as "a valued strategic shareholder since their initial investment in the Company" and said its participation alongside Predictive Discovery reflected confidence in the project.
Odienne covers 2,346 square kilometres across seven permits, of which 797 square kilometres sit inside the Awale-Newmont joint venture. An initial inferred mineral resource estimate released on May 19, 2026 put 1.71 million ounces of gold equivalent across the BBM, Charger and Empire deposits, based on 32.4 million tonnes grading 1.33 grams per tonne gold and 0.33 percent copper. An inferred resource is the lowest-confidence resource category and has no demonstrated economic viability.
No economic study on the project has been completed.
Source: Newsfile
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