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Oriole Resources acquires 51% of Reservoir Minerals Cameroon
StockMarketWire.com
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West Africa focused Oriole Resources said it had secured a controlling position in Reservoir Minerals Cameroon for its early-stage exploration licences in Cameroon.
The company had formalised its 51% ownership of the local holding company, Reservoir Minerals Cameroon, that also held three of the newly-granted licences in central Cameroon.
The move followed the completion of an initial funding commitment of $1.56 million over two years at the Bibemi and Wapouze projects.
Completion of a drilling programme at Bibemi was expected to see the company meet its second expenditure commitment to acquire a 90% interest in all five licences.
At 9:16am: (LON:ORR) Oriole Resources Plc Ord 0.1p share price was 0p at 0.4p
Story provided by StockMarketWire.com
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