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Oriole Resources PLC - London-based, West-Africa focused exploration company - Conditionally raises GBP600,000 through placing of 500.0 million new ordinary shares, at 0.12 pence per share, including GBP32,000 of subscriptions by directors. Intends to use these funds to advance Cameroonian assets in the 2022 to 2023 field season, focusing on drill target identification at the Central Licence Package project, and on work to deliver an inferred mineral resource at the Bibemi Gold project.
Chief Financial Officer Bob Smeeton says: "The company has made great progress in advancing its gold assets in Cameroon, most recently with the announcement of a JORC-compliant Exploration Target at Bibemi, as well as excellent early-stage results from the CLP project. Our work continues to justify our belief that Cameroon has the potential to become a new district for gold exploration."
"The raise, which was completed without the overhang of warrants, provides the funds we need to deliver meaningful progress at our exploration projects over the coming months, and we look forward to keeping the market updated on that progress."
Current stock price: 0.13p, down 34% on Friday
12-month change: down 69%
By Holly Beveridge; hollybeveridge@alliancenews.com
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