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Oriole Resources PLC ( (GB:ORR) ) has provided an update.
Oriole Resources PLC has announced a conditional fundraising of £1.8 million through the issuance of 750 million new ordinary shares at 0.24 pence each, with an additional retail offer aiming to raise up to £0.2 million. The proceeds will be used to advance the company’s exploration projects in Cameroon, including a step-out drilling program at the MB01-S deposit and technical studies at the Bibemi project. The involvement of RAB Capital Group as a significant shareholder and the issuance of warrants to participants in the placing and offer highlight the company’s strategic efforts to enhance its financial health and operational capabilities. This funding is expected to bolster Oriole’s exploration activities and potentially lead to a significant market valuation rerating based on anticipated successful progress.
More about Oriole Resources PLC
Oriole Resources PLC is a gold exploration company listed on the AIM market, primarily focused on developing its assets in West and Central Africa, particularly in Cameroon. The company is engaged in the exploration and potential development of economic mineral deposits, with its most advanced projects being the Mbe and Bibemi gold projects in Cameroon.
Average Trading Volume: 92,433,534
Technical Sentiment Signal: Sell
Current Market Cap: £9.79M
See more insights into ORR stock on TipRanks’ Stock Analysis page.