Aim-listed Oriole Resources has conditionally raised £600 000 in a placing, including £32 000 as subscriptions by certain directors.

The funds will be used to advance the company’s assets in Cameroon during the 2022/23 field season and, more specifically, will focus on drill target identification at the Central Licence Package (CLP) project, as well as on work to support the delivery of a Joint Ore Reserves Committee 2012-compliant inferred mineral resource at the Bibemi gold project.

In aggregate, 500-million new ordinary shares will be issued.

Immediately following the placing, the directors will collectively hold 3.39% of the issued share capital of the company.

“Our work continues to justify our belief that Cameroon has the potential to become a new district for gold exploration.

“The progress to date has been rapid and we are now entering a new field season that will see us advance Bibemi towards a maiden mineral resource on which the company can build. We also anticipate that our greenfields exploration programmes at the CLP will help identify the first drill targets there, ahead of planned maiden drilling which is planned from quarter four 2023 onwards,” comments CFO Bob Smeeton. 

“Consequently, the 2022/23 field season is relatively inexpensive and the fundraise announced today reflects that. As has been widely reported, the global economic conditions are extremely poor, and to be able to successfully complete a fundraise in these market conditions emphasises the demonstrable progress we are making in building market confidence in our assets, as a result of our ongoing work programmes.

“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,” he adds.