Last checked at 2 Mar 2020 12:27
Oriole Resources PLC
('Oriole' or 'the Company')
Update on Directors' Share Option Remuneration Plan
Oriole Resources PLC, the AIM-quoted exploration company focussed on West Africa, provides an update on the Directors' share option remuneration plan (the 'Plan'), enacted to maximise funds available for exploration (Announcement dated 14 November 2019).
Under the terms of the Plan, for a three-month period commencing 1 November 2019, the Directors elected to forego contractual salary payments in exchange for share options in the 0.1p Ordinary Shares of the Company (the 'Options'). The quantity of Options to be issued was to be determined on a monthly basis by reference to the 30-day VWAP at the end of each month, less the exercise price of the Options, to give an intrinsic value that is equal to the salary payments foregone. Following today's announcement of a successful private placement, in order to continue maximising cash available for ongoing exploration work, the Board announces that it has extended the Plan to 29 February 2020 on the same terms.
Consequently, for the initial 3 months of the Plan 30,231,897 Options would be issued to satisfy any salaries foregone and a further 9,653,015 options in respect of February.
As previously announced the issue of the Options in lieu of salary is subject to approval by the Board and by the proposed Option recipient. In light of the announced private placement, the issue of any Options will be after the 2020 Annual General Meeting, which is expected to be held in mid-May, and the approval of the requisite shareholder authority and subject to any regulatory constraints.
Further to its announcement on 25 February 2020, the Board continues to progress its previously announced strategy of asset realisation of non-core assets to help fund its ongoing exploration programmes in Cameroon and further updates will be provided in due course.
Oriole Chairman John McGloin, said: "Following the successful disposal of the Tembo holding and the recent placing, the Directors are determined to ensure that the maximum amount of funding is available for our ongoing exploration projects, and consequently confirm that it has extended the share option remuneration plan for an extra month."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.
** ENDS **
For further information please visit www.orioleresources.com, @OrioleResources on Twitter,
or contact:
Oriole Resources PLC Tim Livesey / Bob Smeeton / Claire Bay
| Tel: +44 (0)20 7830 9650 |
Blytheweigh (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks
| Tel: +44 (0)20 7138 3204 |
Grant Thornton UK LLP Samantha Harrison / Niall McDonald
| Tel: +44 (0)20 7383 5100 |
WH Ireland Adrian Hadden / Darshan Patel / Lydia Zychowska
| Tel: +44 (0)20 7220 1666 |
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8m to earn a 70% interest. Year 1 commitments have been met at all three projects. 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.