Oriole raises £2m through share issuance
Aim-listed Oriole Resources has raised about £2.03-million through a combination of its placing, subscription and Winterflood Retail Access Platform (WRAP) retail offer, the company announced on November 18.
Oriole reported that the WRAP retail offer, at an issue price of 0.24p a share, raised gross proceeds of about £230 000. This followed the previously announced placing and subscription, which together accounted for the remaining £1.8-million.
In total, Oriole Resources will issue 750-million shares under the placing and subscription and about 96.6-million shares under the WRAP retail offer. An equal number of warrants will also be issued pursuant to the WRAP retail offer.
Applications have been made for all new shares to be admitted to trading on the Aim, with admission expected to take effect on November 28. Upon admission, Oriole Resources’ issued ordinary share capital will consist of about 4.7-billion ordinary shares. The company does not hold any shares in treasury.
The company also confirmed that the new ordinary shares issued under the WRAP retail offer would be free of all liens, charges and encumbrances and would rank equally with both the existing ordinary shares and those issued under the placing and subscription.
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