Business
Acquisition of 51% of RMC Sarl
Acquisition of 51% of RMC Sarl.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4127U\n Oriole Resources PLC\n 06 April 2021\n \n \n \n \n Oriole Resources PLC \n \n \n ('Oriole Resources' or 'the Company' or 'the Group')\n \n \n \n \n \n Acquisition of 51% of Reservoir Minerals Cameroon Sarl\n \n \n \n \n \n \n \n \n Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa,\n is pleased to confirm that it has secured a controlling position in \n Reservoir Minerals \n Cameroon Sarl ('RMC Sarl'), a former subsidiary of \n Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques SARL ('BEIG3'), \n for its early-stage exploration licences in Cameroon.\n \n \n \n \n \n Following completion of an initial funding commitment of US$1.56 million over two years at the Bibemi and Wapouzé projects in northern Cameroon, the Company has now formalised its 51% ownership of the local holding company, RMC Sarl, that also holds three of the newly-granted licences in central Cameroon (announcement dated 3 February 2021). Completion of the drilling programme at Bibemi is expected to see the Company meet its second expenditure commitment to acquire a 90% interest in all five licences. \n \n \n \n \n Highlights\n \n \n \n \n \n · \n The Company has acquired 51% ownership of RMC Sarl, the holding company for the Bibemi and Wapouzé orogenic gold projects in northern Cameroon;\n \n \n · \n 51% ownership of the Mana, Dogon and Sanga licences in central Cameroon have also been acquired at no additional cost. These licences are contiguous with the Company's 90%-owned licences in central Cameroon, which together form a 3,592 square kilometre (\"km2\") district-scale land package;\n \n \n · \n Completion of the ongoing maiden drilling programme at Bibemi is expected to satisfy Oriole's second earn-in commitment to acquire a 90% interest in all five licences.\n \n \n \n \n \n Oriole Resources CEO, Tim Livesey, said\n : \n \"The transfer of ownership of 51% of \n \n RMC Cameroon SARL is another key milestone for Oriole, with the final increase to 90% ownership expected at the end of this initial drill programme.\n \n \n \n \n \n \n \n \"With controlling interest in a total of ten licences at varying stages of exploration (held between RMC Cameroon SARL and our 90%-owne...