Salary Sacrifice Scheme

RNS Number : 6029Q

Oriole Resources PLC

29 June 2022

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Oriole Resources PLC

 ('Oriole' or 'the Company')

Salary Sacrifice Scheme

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, announces that all of the Company's Directors have now entered into a Salary Sacrifice Scheme to complement the £340k placing announced earlier today ('the Placing').

Between June and September 2022, the Board has committed to a Salary Sacrifice Scheme covering £96k of gross salaries, providing additional working capital with which to advance the Company's assets in Cameroon.

Highlights

· Placing announced this morning to raise £340k including £40k subscriptions by certain Directors;

· To complement this, £96k in aggregate of the Director's gross salaries will be subject to a salary sacrifice scheme over a four-month period from June 2022. The net salary sacrificed, approximately £60k, will be applied to subscribe for new ordinary shares at the end of each month or as soon as practical thereafter. The number of such shares to be issued will be calculated based on the price equal to the 30-day VWAP at the end of each month. Based on the current prevailing share price, the expected number of shares to be issued pursuant to the salary sacrifice scheme is approximately 28.0 million (the 'Salary Shares');

· Immediately following the Placing, the Directors will collectively hold 2.26% of the issued share capital of the Company. Subject to pricing of the Company's ordinary shares over the four-month period, this is expected to increase to at least 3.49% following the issue of the Salary Shares;

· The reduction in Company expenses will enable reallocation of cash towards advancing the Company's exciting exploration assets in Cameroon and thus supplement the Placing announced earlier today.

** ENDS **

For further information please visit  www.orioleresources.com ,   @OrioleResources on Twitter,  

or contact:

Oriole Resources PLC Tim Livesey / Bob Smeeton / Claire Bay	Tel: [phone]
BlytheRay (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks	Tel: [phone]
Grant Thornton UK LLP Samantha Harrison / George Grainger / Ciara Donnelly	Tel: [phone]
Shard Capital Partners LLP Damon Heath / Erik Woolgar / Isabella Pierre	Tel: [phone]

Notes to Editors:

Oriole Resources PLC is an AIM-listed exploration company, focussed on West Africa . It is focused on early-stage exploration in Cameroon (Bibemi, Wapouzé and Central Licence Package projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. Under the terms of the Option Agreement, IAMGOLD has recently met its first commitment by spending US$4 million within an initial four years and will shortly acquire a 51% interest in Senala. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.  

 

END

 

 

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