Finance Metals & Minerals News

Oriole to raise £1.76m via subscription

Oriole Resources plc aims to raise £1,767,000 through a subscription for 930 million new ordinary shares each of 0.1 in the company by Lanstead Capital Investors L.P.

SHARING AGREEMENT

The issue price of 0.19 pence represents a 21% premium to the closing mid-market price of 0.15 pence of the ordinary shares on 31 July 2023.

On completion of the subscription, Lanstead will hold a 26.23% interest in the Cameroon-focused gold exploration company.

Oriole will pledge gross proceeds to Lanstead under a sharing agreement, entitling Oriole to receive back the sum on a pro rata monthly basis over 24 months subject to the company’s share price.

In total, Lanstead will be issued with 1,013,700,000 new ordinary shares with no shares, warrants or additional fees.

Following admission Oriole will have 3,864,539,005 ordinary shares in issue.

USES

Proceeds of the agreement will fund the group in seeking joint ventures and project-level financing with any additional proceeds directed towards exploration.