Oriole Resources plc has raised £195,500 via a subscription by its non-executive chair Eileen Carr.
A total of 115,000,000 new ordinary shares will be issued at 0.17 pence per share, equal to the the mid-price of the company’s ordinary shares at close of market on 19 April 2023.
Following the shares issue, Ms Carr will hold 151,411,564 shares, representing 5.33% of the issued ordinary share capital of the company, and a total of 11,111,111 warrants.
She is also beneficially interested in a total of approximately 155 million shares via Hargreaves Lansdown Nominees Ltd and AJ Bell Securities Ltd.
Following admission of the subscription shares, Oriole’s directors will collectively hold approximately 8.10% of the issued share capital of the company.
On admission, the company’s issued share capital will be 2,841,066,861 ordinary shares.
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Oriole said that the subscription’s proceeds will be primarily used for working capital to enable the company to develop funding opportunities and joint ventures for its projects in Cameroon.