By Laura Lutz
Des Moines, May 24 - Oriel Resources plc plans to conduct a private placement of shares for up to £48.8 million.
The company intends to sell up to 80 million ordinary shares at 61p each.
Canaccord Adams Ltd. will act as agent and bookrunner.
Proceeds will be used for working capital and for assessment, evaluation and engineering.
Oriel is a London-based metals exploration and development company.
Issuer: | Oriel Resources plc
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Issue: | Ordinary shares
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Amount: | £48.8 million
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Shares: | 80 million
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Price: | 61p
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Warrants: | No
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Agent: | Canaccord Adams Ltd.
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Pricing date: | May 24
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Stock symbol: | London: ORI
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Stock price: | 60p at close May 24
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