Oriole Resources PLC - exploration company with operations in Senegal and Cameroon - Raises GBP1.6 million through the issue of 463.4 million shares at 0.34 pence each under a placing and subscription. Raises a further GBP293,000 through the private offer of 86.1 million shares on the NR Private Markets platform. Placing price represents 15% discount to the Tuesday closing price of 0.40p.
Oriole says results of its early stage work at the Bibemi project in Cameroon show potential for the discovery of a new orogenic gold deposit with significant grades and evidence of stacked mineralised veins across multiple zones. States it will use the cash to fund drilling campaign to test the vertical extension of the features identified during trenching work.
Current stock price: 0.37
Year-to-date change: down 14%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Oriole (ORR)