(Alliance News) - Oriole Resources PLC on Tuesday said it is transferring ownership of five Eastern central licence package assets in Cameroon to a sub-holding firm.
Oriole is a London-based gold exploration company, focused on an early stage exploration project in Cameroon and the more advanced Senala gold project in Senegal.
The company said the transfer allows for project-level exploration investment in return for a 10% interest in the sub-holding company.
Oriole signed an agreement with a Canadian investment banking firm for a USD1 million funding. It expects the financing to close in the second quarter of 2023.
"The investment will be earmarked exclusively for gold exploration, funding the company's proposed work programme on the project, and enabling the company to pursue other funding opportunities to further lithium exploration within the CLP," Oriole explained.
Oriole Resources shares rose 4.1% to 0.13 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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