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Fundraising Update: Broker Option

October 31, 2017

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31 October 2017

THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, HONG KONG, SINGAPORE OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

THE SECURITIES DESCRIBED HEREIN HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

Avesoro Resources Inc.

Fundraising Update: Broker Option

Avesoro Resources Inc. (AIM:ASO / TSX:ASO) (“Avesoro” or the “Company”) announces that further to the Acquisition and Placing announced earlier today, the period in which the Broker Option could be exercised has now ended.

The aggregate amount raised by the Company remains approximately £15.2 million (approximately US$20.0 million) through the placing of 797,449,000 Placing Shares at the Placing Price.

Defined terms used in this announcement have the same meaning as in the Company’s announcement of 7.00am on 31 October 2017.

For further information contact:

Avesoro Resources Inc.

Geoff Eyre / Nick Smith

Tel: +44(0) 20 3874 4740

 

Hannam & Partners (Advisory) LLP

(Financial Advisor, Joint Bookrunner & Joint Broker)

Rupert Fane / Ingo Hofmaier / Ernest Bell

Tel: +44(0) 20 7907 8500

Numis Securities Limited

(Nominated Adviser, Joint Bookrunner & Joint Broker)

John Prior / James Black / Paul Gillam

Tel: +44(0) 20 7260 1000

Sprott Capital Partners, a division of Sprott Private Wealth LP

(Co-Lead Manager)

David Wargo / Scott Robertson

Tel: +1 416 945 3318

Camarco

(Financial PR Advisor)

Gordon Poole / Nick Hennis

Tel: +44(0) 20 3757 4980