Orecap Completes Awalé Financing
Toronto, May 25, 2023 - Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the "Company" or "Orecap") is pleased to announce that the Company has completed its investment in Awalé Resources Ltd. (ARIC:TSXV) ("Awalé"), as announced in the Company's April 25 news release.
"This financing and a change in leadership at Awalé represents a special situation where an active approach can add value to our investments. We are excited to partner with Awalé and its new CEO, Andrew Chubb, who has a clear plan to advance their Odienné project. Odienné is a large-scale and exciting copper-gold project that has attracted equity investment and a joint venture partnership with the world's largest gold miner, Newmont Corp. Newmont is scheduled to spend $3 million on Odienné in 2023. With fresh leadership, a restored balance sheet, and significant news flow on the horizon from Newmont's Investment in Odienné, we see a bright future for Awalé. So much so that Charles Beaudry and I have personally co-investing alongside Orecap," said Stephen Stewart, Orecap CEO.
Awalé's New CEO and New Directors to the Team
Awalé also announced the appointment of Andrew Chubb, formerly the Company's Chief Operating Officer, as its new Chief Executive Officer and director. Andrew is a geologist with 20 years of experience and has been intimately involved with the Company's projects since its inception.
In addition to the CEO appointment, Awalé appointed Stephen Stewart to their Board of Directors. Orecap will appoint an additional director to Awalé's Board of Directors at its forthcoming Annual General Meeting.
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Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements)", including details about the business of the Company. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements, including, but not limited to, the receipt by the Company of the approval of the TSX Venture Exchange for the name change. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in the Company's public disclosure documents available at www.sedar.com.. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167441