LONDON (ShareCast) - (Sharecast News) - Oriole Resources announced on Friday that it has raised £1.8m before expenses in a placing to fund exploration and technical work at its gold projects in Cameroon, as it planned a further retail offer of up to £0.2m.
The AIM-traded explorer said it would issue 750 million new shares at 0.24p each, matching Thursday's closing bid price, through a broker-led placing by Shard Capital and direct subscriptions from directors and associated parties totalling £0.12m.

Each placing and offer share would carry a warrant exercisable at 0.36p for two years, with an accelerator mechanism if the volume-weighted average price exceeded 0.60p over 10 days.

Following admission, expected on or around 28 November, Oriole's issued share capital would rise to 4.67 billion shares, with directors collectively holding about 6.7%.

The board said the proceeds would be used primarily to advance the Mbe and Bibemi projects and exploration licences in the Eastern Central Licence Package in Cameroon.

Oriole was planning a step-out diamond drilling programme at the MB01-S target at Mbe to test the southern extension of the recently announced maiden resource, additional soil sampling at the Pokor, Ndom and Tenekou licences, and further technical studies to support its exploitation licence application at Bibemi.

The company had already reported a JORC Inferred resource of 870,000 ounces at MB01-S and 460,000 ounces in the Indicated and Inferred categories at Bibemi.

Chief executive Martin Rosser said the fundraising left the group in "excellent financial health" as it moves into a busy work programme.

"As we approach the end of 2025, we can already look back on a year of considerable achievement," he said, citing the 460,000-ounce resource at Bibemi and 870,000-ounce maiden resource at Mbe.

"In addition, for 2026 we are now well financed to undertake a significant additional programme of work including a proposed step-out drilling programme at MB01-S, which is open in all directions," and surface sampling on nearby Eastern CLP licences "in close vicinity of Mbe and in the same major regional geological trend, we will also conduct surface sampling over selected targets.

"We have a 90% interest in these licences and our objective is to find another Mbe."

Rosser said the funding would also allow Oriole to complete more advanced technical design studies to support the Bibemi exploitation licence.

"We are excited about the potential to add substantial value at all of our Cameroon projects and to intensify our focus on achieving a significant market valuation rerating for the company based on the existing fundamentals and anticipated successful progress," he said.

The company said placees include RAB Capital, which had taken 13.3% of the placing and will hold about 2.1% of the company at admission, while a separate WRAP retail offer of up to 83.3 million shares was expected to provide additional working capital.

At 1322 GMT, shares in Oriole Resources were down 3.06% at 0.24p.

Reporting by Josh White for Sharecast.com.

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