Oriole Resources has successfully raised £419,500 before expenses for, in aggregate, 139,833,333 new Ordinary Shares at a price of 0.3 pence per share.
The Placing Price represents a 14% discount to the price of the Company’s Ordinary Shares at close of market on 29 June 2020, and a 11% discount to the 30-day Volume Weighted Average Price.
The Proceeds, will primarily be used to support ongoing exploration at the Company’s projects in Cameroon, including moving the programme at Bibemi towards drill mobilisation later this year.
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It will also provide the Company with general working capital, whilst management continues to deliver on its asset realisation programme as previously referenced in announcements dated 14 November 2019 and 25 February 2020.