Oriole Resources plc has conditionally raised £600,000 in a placing, including £32,000 as subscriptions by certain directors.
DIRECTORS’ DEALINGS
The company announced on 28 October, that it will issue in aggregate 500,000,000 new ordinary shares, each at 0.12 pence.
The placing price is equal to a 27% discount to the 14-day volume weighted average price (VWAP) of the company’s ordinary shares at 27 October 2022.
Following the placing, the directors involved will collectively hold 3.39% of the issued share capital of the company.
| Name | No. of Existing Ordinary Shares | No. of Subscription Shares | Number of Ordinary Shares held post Admission of Placing Shares | Percentage of enlarged issued share capital following Admission of Placing Shares and the SPA Shares | Total Option holdings post Admission | Total Warrant holdings post Admission |
| Eileen Carr | 17,609,493 | 16,666,667 | 34,276,160 | 1.27% | 0 | 11,111,111 |
| Tim Livesey | 20,746,415 | 4,166,667 | 24,913,082 | 0.92% | 35,979,940 | 2,777,778 |
| Robert Smeeton | 19,423,374 | 4,166,667 | 23,590,041 | 0.87% | 28,383,952 | 6,666,666 |
| David Pelham | 2,636,895 | 1,666,667 | 4,303,562 | 0.16% | 3,290,446 | 0 |
USES
Oriole will use the funds to advance its assets in Cameroon during the 2022/23 field season.
The company will focus on identifying drill targets at the Central Licence Package project and on work for a JORC 2012-compliant inferred mineral resource at the Bibemi gold project.