West Africa-focused exploration company Oriole Resources has successfully raised £419 500 to support ongoing exploration at its projects in Cameroon, including moving the programme at Bibemi towards drill mobilisation later this year.
It will also provide the company with general working capital, while management continues to deliver on its asset realisation programme.
The capital raised is before expenses and for, in aggregate, 139.8-million new ordinary shares at a price of 0.3p apiece. It includes £400 000 as a placing and £19 500 as a subscription.
The placing price represents a 14% discount to the price of the company’s ordinary shares at close of market on June 29, and a 11% discount to the 30-day volume weighted average price.