Oriole Resources PLC (AIM:ORR) confirmed it has raised approximately £0.23 million through its WRAP Retail Offer at 0.24 pence per share.
The fundraising forms part of a wider package with the company’s recently completed placing and subscription, which together generated gross proceeds of around £2.03 million. The proceeds will support its exploration work across West and Central Africa.
"We are excited about the potential to add substantial value at all of our Cameroon projects and to intensify our focus on achieving a significant market valuation rerating for the company based on the existing fundamentals and anticipated successful progress," chief executive Martin Rosser said in a statement.
The company, in an announcement today, confirmed it will issue 96.64 million new ordinary shares and the same number of warrants under the retail tranche.
The WRAP platform was open to eligible UK investors and was conducted alongside the institutional placing. Admission of the new shares from the placing, subscription and WRAP offer is expected at 8:00 am on or around 28 November.