Placing and Subscription to Raise £419,500

RNS Number : 4401R

Oriole Resources PLC

30 June 2020

 

Oriole Resources PLC

('Oriole' or 'the Company')

Placing and Subscription to Raise £419,500
and
Total Voting Rights

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, is pleased to announce that it has successfully raised £419,500 (£400,000 as a placing and £19,500 as a subscription) (the 'Placing') before expenses (the 'Proceeds') for, in aggregate, 139,833,333 new Ordinary Shares ('Placing Shares') at a price of 0.3 pence per share (the 'Placing Price'). 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 ('VWAP').

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. 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.

Further Details on the Placing

The Company has raised £419,500 (£400,000 as a placing and £19,500 as a subscription) before expenses for 139,833,333 new Ordinary Shares at the Placing Price. The Company has existing shareholder authorities to issue and allot the Placing Shares on a non-pre-emptive basis.

Application will be made for 139,833,333 new Ordinary Shares to be admitted to trading on AIM ('Admission') which is expected to occur on or around 8am on 14 July 2020. Following Admission, the total number of Oriole Ordinary Shares in issue will be 917,634,609 with voting rights. This figure of 917,634,609 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

** ENDS **

For further information please visit  www.orioleresources.com ,   @OrioleResources on Twitter,  

or contact:

Oriole Resources PLC Tim Livesey / Bob Smeeton / Claire Bay	Tel: [phone]
Blytheweigh (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks	Tel: [phone]
Grant Thornton UK LLP Samantha Harrison / Niall McDonald	Tel: [phone]
Shard Capital Partners LLP Damon Heath / Erik Woolgar / Isabella Pierre	Tel: [phone]

Notes to Editors:

Oriole Resources PLC is an AIM-listed exploration company, focussed on West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. Year 2 commitments have been met at all three projects. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions. 

 

END

 

 

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