Oriole Resources PLC (AIM:ORR) said it has conditionally raised £600,000 through a placing to fund further exploration in Cameroon.
The money will be used during the 2022/23 field season and superficially on drill target identification at the Central Licence Package and to deliver a JORC 2012-compliant Inferred Mineral Resource at Bibemi.
Directors are contributing £32,000 to the funding, which will be at a price of 0.12p per share.
In a statement, Bob Smeeton, Oriole’s CFO, said: "The company has made great progress in advancing its gold assets in Cameroon, most recently with the announcement of a JORC-compliant exploration target at Bibemi. The progress to date has been rapid and we are now entering a new field season.
“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.
“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 month."