29 Apr 2019 07:00
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
£0.5M VAT Repayment Received
Oriole Resources, the AIM-quoted exploration company operating in Africa and Europe, is delighted to announce that it has now received a repayment of £522k from Her Majesty's Revenue and Customs ('HMRC') following the positive resolution of its VAT dispute last year (Announcements dated 13 November 2018 and 31 January 2019).
Bob Smeeton, Chief Financial Officer, said: "We are delighted to be able to report the receipt of this money, and the end of this long running dispute, which has been a costly distraction for over two years. The end of the dispute allows us to reduce professional advisor fees and provides funds for our continued exploration operations."
Further Information
In 2017, HMRC ruled that the Group's activities of supporting its overseas exploration operations could not be classed as an economic activity for VAT purposes and subsequently demanded that the Company pay-back the VAT reclaimed in the UK since 2011. This led to a provision of £557k in the 2017 Financial Statements and a payment to HMRC of £593k in June 2018. A successful resolution to the dispute was reached by the Company during 2018, with HMRC reversing their decision. The Company has now received £522k reflecting the final agreement with HMRC in respect of recoverbale VAT.
The funding will enable the Company to progress its new-frontier gold exploration programme in Cameroon, as well as pursue other opportunities it is reviewing in Africa and Europe.
** ENDS **
For further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:
Oriole Resources PLC Bob Smeeton / Tim Livesey /Claire Bay
| Tel: +44 (0)20 830 9650 |
Blytheweigh (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks
| Tel: +44 (0)20 7138 3204 |
Grant Thornton UK LLP Samantha Harrison / Ben Roberts / Niall McDonald
| Tel: +44 (0)20 7383 5100 |
Hannam & Partners Neil Passmore / Andrew Chubb
| Tel: +44 (0)20 7907 8500 |
Turner Pope Investments (TPI) Ltd Ben Turner / James Pope / Andy Thacker | Tel: +44 (0)2036214120 |
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company, operating in Africa and Europe. It is focused on early-stage exploration in Cameroon and the more advanced Dalafin gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. The Company has a number of interests and royalties in companies operating throughout Africa and Turkey and is assessing new opportunities in both regions.
Oriole (ORR)