LONDON (ShareCast) - (Sharecast News) - West Africa-focussed exploration company Oriole Resources has successfully raised ?0.245m before expenses through a private placement, it announced on Monday.
The AIM-traded firm said the proceeds, together with the recently-announced proceeds from the sale of shares in Tembo Gold, would primarily be used to support ongoing exploration at its Bibemi project in Cameroon, moving the programme towards drill mobilisation later in the year.

It would also provide it with general working capital, while its management delivered on its asset realisation programme.

"In January 2020 we confirmed the extension of gold mineralisation at the Bakassi zone at Bibemi to over five kilometres with focused rock-chip sampling returning up to 35.86 grammes per tonne gold," said chief executive officer Tim Livesey.

"The recent results have validated our exploration model and evidence of sub-horizontal 'stacked' veins have highlighted the potential for enhanced volumes of near-surface gold towards the northern end of the trend.

"We are delighted with the support shown for the company by the incoming investors for this limited private placement in such difficult market conditions and it is a testament to the hard work of the management team and quality of the assets that the placing has been agreed at this price and not at a discount."

Livesey said the funds from the placing and the sale of shares in Tembo would be used to further develop the firm's understanding of the structural setting through continued exploration of the northern Bakassi zone.

"This will allow us to identify further targets for our drill campaign, which we expect to commence later in the year.

"We look forward to keeping the market updated on our exploration progress."

At 0923 GMT, shares in Oriole Resources were up 11.38% at 0.34p.

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