(Alliance News) - Oriole Resources PLC on Monday said it has raised GBP245,000 before expenses, through a private placement, to support ongoing exploration at its Bibemi project in Cameroon.
The exploration company, which is focused on West Africa, said it intends to move towards drill mobilisation at Bibemi later this year. The proceeds from the placing are also expected to provide general working capital.
"The funds, collectively, from the placing and the sale of shares in Tembo, will be used to further develop our understanding of the structural setting through continued exploration of the northern Bakassi zone," explained Chief Executive Tim Livesey.
"This will allow us to identify further targets for our drill campaign, which we expect to commence later in the year," added Livesey.
Oriole said it placed 70.0 million shares at a price of 0.35 pence each. The shares are accompanied with 35.0 million warrants, exercisable at 0.60p each, which will be exercisable at any time in the two years after issue.
The AIM stock was trading 6.6% higher in London on Monday at 0.32p a share.
Following the admission, Oriole will have 771.8 million shares overall, it said.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Oriole Resources (ORR)