TIDMORR
RNS Number : 1752Z
Oriole Resources PLC
12 May 2023
Oriole Resources PLC
('Oriole' or 'the Company')
Issue of Salary Sacrifice Shares
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration
company focussed on West Africa, announces that a total of
2,116,259 ordinary shares will be issued to members of the Board in
relation to GBP7k of gross salary foregone during April 2023. The
shares will be issued at a 25% premium to their previously agreed
pricing under the six-month salary sacrifice scheme (announcement
dated 2 November 2022).
Highlights
-- A total of 2,116,259 shares will be issued to members of the
Board in relation to GBP7k of gross salary foregone, at a price of
0.205 pence ('p') which, in recognition of the recent uplift in
share price, is at a 25% premium to the price agreed when the
scheme was set up;
-- Since June 2022, the Board has collectively committed to
salary sacrifices totalling GBP140k of gross salaries;
-- Immediately following settlement of the Salary Sacrifice
shares, the Directors will collectively hold 8.41% of the issued
share capital of the Company.
Further Details on Salary Sacrifice Scheme
In November 2022, the Company entered into a six-month
commitment whereby 20% of Director's gross salaries would be
subject to a salary sacrifice scheme (announcement dated 2 November
2022). Under that agreement, the net sacrificed salary would be
applied to subscribe for new ordinary shares at the end of each
month or as soon as practically possible thereafter and the number
of such Salary Sacrifice Shares to be issued would be calculated
based on the price equal to the 30-day VWAP at the end of each
month. The first, second, and third tranches of Salary Sacrifice
Shares issued under that scheme were announced on 15 December 2022,
4 January 2023, and 20 April 2023 respectively.
During April 2023, the Board has sacrificed a further GBP7k
gross cumulative salary and will be undertaking a conversion to
shares. Due to the increase in the Company's share price over the
last month, the Board has agreed that, rather than using a 30-day
WVAP at the end of April, it would be more appropriate for the
conversion price to be the mid-market closing price on 10 May 2023.
Using this price of 0.205p, 2,116,259 new ordinary shares in the
Capital of the Company ('Ordinary Shares') will be issued as set
out below:
Name Number of Ordinary Resultant shareholding Percentage of
Shares Issued in the Company the issued share
capital of the
Company ([1])
Eileen Carr 273,170 152,672,969 5.36%
------------------- ----------------------- ------------------
Tim Livesey 692,073 38,308,323 1.34%
------------------- ----------------------- ------------------
David Pelham 182,115 6,681,075 0.23%
------------------- ----------------------- ------------------
Claire Bay 415,243 9,739,901 0.34%
------------------- ----------------------- ------------------
Bob Smeeton 553,658 32,436,378 1.14%
------------------- ----------------------- ------------------
([1]) Note: Discrepancies may occur due to rounding.
Further information on these dealings is included in the PDMR
dealing notifications below.
Following Admission of the Subscription Shares and the Salary
Sacrifice Shares, the Directors will collectively hold 8.41% of the
issued share capital of the Company as outlined in the above
table.
Admission and Dealings of the Shares
The Salary Sacrifice Shares will be issued as fully paid and
will rank pari passu in all respects with the existing Ordinary
Shares, including the right to receive dividends and other
distributions declared on or after the date on which they are
issued.
Application will be made to the London Stock Exchange for the
Subscription Shares and Salary Sacrifice Shares to be admitted to
trading on AIM ('Admission') at 8.00 a.m. on or around 17 May
2023.
Total Voting Rights
Following Admission of the Subscription Shares and the Salary
Sacrifice Shares, the Company's issued share capital will be
2,850,839,005 Ordinary Shares. This figure of 2,850,839,005 may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.
**S **
For further information please visit www.orioleresources.com , @OrioleResources on Twitter,
or contact:
Oriole Resources PLC Tel: +44 (0)23 8065 1649
Tim Livesey / Bob Smeeton / Claire
Bay
BlytheRay (IR/PR contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray / Rachael
Brooks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / George Grainger
/ Ciara Donnelly
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Ewan Leggat / Harry Davies-Ball
Notes to Editors:
Oriole Resources PLC is an AIM-listed gold exploration company,
operating in West Africa. It is focussed on early-stage exploration
in Cameroon, where the Company has a maiden Resource of 305,000 oz
Au in the JORC Inferred category at the Bibemi project and has
identified multi-kilometre gold and lithium anomalism within the
district-scale Central Licence Package project. At the more
advanced Senala gold project in Senegal, IAMGOLD had earned an
initial 51% beneficial interest by spending US$4 million and has
the option to spend up to a further US$4 million by 28 February
2024 to earn a further 19% interest. On 26 April 2023, IAMGOLD
announced that it had completed the sale of its portfolio of
projects in West Africa, including its interest in Senala, to
Managem Group. The Company also has several interests and royalties
in companies operating in East Africa and Turkey that could deliver
future cash flow.
ANNEX - PDMR notifications
Template for notification and public disclosure of transactions
by persons discharging managerial responsibilities and persons
closely associated with them
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Eileen Carr
--------------------------------------- ------------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------------------
a) Position/status Non-Executive Chair
--------------------------------------- ------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- ------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Oriole Resources PLC
--------------------------------------- ------------------------------------------
b) LEI 213800X32GJR5AGAR511
--------------------------------------- ------------------------------------------
Details of the transaction(s): section to be repeated
4 for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary shares of 0.1 pence each in
financial instrument, the share capital of the company
type of instrument
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of shares in lieu of salary.
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------ -------------------
Price(s) Volume(s)
------------------ -------------------
0.205p 273,170
------------------ -------------------
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 2023. 05.11
--------------------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name
Timothy James Livesey
--------------------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------------------- ------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Oriole Resources PLC
--------------------------------------- ------------------------------------------
b) LEI 213800X32GJR5AGAR511
--------------------------------------- ------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary shares of 0.1 pence each in
financial instrument, the capital of the Company
type of instrument
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of shares in lieu of salary.
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------ -------------------
Price(s) Volume(s)
------------------ -------------------
0.205p 692,073
------------------ -------------------
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 2023. 05.11
--------------------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name
Robert Smeeton
--------------------------------------- ------------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
--------------------------------------- ------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- ------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Oriole Resources PLC
--------------------------------------- ------------------------------------------
b) LEI 213800X32GJR5AGAR511
--------------------------------------- ------------------------------------------
Details of the transaction(s): section to be repeated
4 for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary shares of 0.1 pence each in
financial instrument, the share capital of the company
type of instrument
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of shares in lieu of salary.
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------ -------------------
Price(s) Volume(s)
------------------ -------------------
0.205p 553,658
------------------ -------------------
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 2023. 05.11
--------------------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Pelham
--------------------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status Non-executive Director
--------------------------------------- ------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Oriole Resources PLC
--------------------------------------- ------------------------------------------
b) LEI 213800X32GJR5AGAR511
--------------------------------------- ------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary shares of 0.1 pence each in
financial instrument, the share capital of the company
type of instrument
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of shares in lieu of salary.
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------ -------------------
Price(s) Volume(s)
------------------ -------------------
0.205p 182,115
------------------ -------------------
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 2023. 05.11
--------------------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name
Claire Bay
--------------------------------------- ------------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------------------
a) Position/status Executive Director - Exploration &
Business Development
--------------------------------------- ------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- ------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Oriole Resources PLC
--------------------------------------- ------------------------------------------
b) LEI 213800X32GJR5AGAR511
--------------------------------------- ------------------------------------------
Details of the transaction(s): section to be repeated
4 for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary shares of 0.1 pence each in
financial instrument, the share capital of the company
type of instrument
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of shares in lieu of salary.
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------ -------------------
Price(s) Volume(s)
------------------ -------------------
0.205p 415,243
------------------ -------------------
d) Aggregated information
- Aggregated volume n/a
- Price
e) Date of the transaction 2023. 05.11
--------------------------------------- ------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------------------- ------------------------------------------
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END
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