Oriole Resources PLC (LSE:ORR, FRA:S1Y) has raised £1.77mln through an oversubscribed share placing as it advances its operations in Cameroon.
The sold 416.4mln new shares priced at 0.425p each, equal to Friday’s closing price.
Oriole, in a statement, highlighted that it already has sufficient funds to complete the planned Phase 2 1,650 metre drill programme at the Bibemi gold project for which the drill rig is on-site and work is slated to start later this month – and it would use the injection of funds to support a Phase 3 programme comprising a further 3,000 metres.
"Following our successful maiden drilling programme at Bibemi, where drilling identified gold at all four initial prospects (announcement dated 29 June 2021), the Directors have been keen to follow up on this work,” said chairman John McGloin.
"The funds raised in this Placing will allow a further 3,000m of drilling at Bibemi, building on the success of the maiden drill programme, and will provide the working capital needed to fund the early-stage exploration work in the group's licence package in the centre of Cameroon, where initial stream sediment sampling results have returned best results of up to 95 parts per billion gold.
McGloin added: “The board firmly believes the most effective route to exploration success is moving quickly to follow up encouraging results.
“By raising funds at this time, we will be able to make the most of the 2021-22 exploration season in Cameroon and advance the projects systematically and effectively over the coming months.”