REG - Oriole Resources PLC - £195.5k Subscription by Non-Executive Chair

Oriole ResourcesAnnouncement

20/04/2023 07:00

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RNS Number : 8275W  Oriole Resources PLC  20 April 2023

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')

 

£195.5k Subscription by Non-Executive Chair

 

Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed
on West Africa, is pleased to announce that it has raised £195.5k via a
subscription (the 'Subscription') by its Non-Executive Chair, Eileen Carr.

 

With the current field season in Cameroon drawing to a close, the funds will
primarily be used for working capital, whilst the Company continues to develop
project-level funding opportunities and joint-venture partnerships at its
projects, including the recently announced Eastern CLP funding process
(announcement dated 11 April 2023).

 

Highlights

 

·    £195.5k raised through a subscription by Non-Executive Chair, Eileen
Carr;

·    In aggregate, 115,000,000 new ordinary shares ('Subscription Shares')
will be issued at a price of 0.17 pence per share (the 'Subscription Price').
The Subscription Price is equal to the mid-price of the Company's ordinary
shares at close of market on 19 April 2023;

·    Proceeds will primarily be used for working capital to enable the
Company to continue to develop project-level funding opportunities and
joint-venture partnerships at its exploration projects in Cameroon;

·    Immediately following settlement of the Subscription shares, Eileen
Carr will hold 5.33% of the issued ordinary share capital of the Company and
the Directors will collectively hold 8.10% of the issued ordinary share
capital of the Company.

 

 

Oriole CEO, Tim Livesey, said: "As a management team and Board we are
delighted to see this show of confidence from our Chair by way of her private
placement in the Company.

"We all share Eileen's vision that Oriole Resources is at the beginning of an
exciting journey of discovery in Cameroon, where we have been successful in
all our exploration efforts to date, including the definition and publication
of the first JORC resource for gold at our Bibemi project."

 

 Oriole Non-Executive Chair, Eileen Carr, said: "Having been Chair of Oriole
for just over a year, I have seen the great work our exploration team has
completed on the ground in Cameroon and the exciting results we are achieving
from both our Bibemi project and the Central Licence Package.  I hope this
investment demonstrates my commitment to the success of Oriole and underlines
my belief in the team and our assets."

 

 

Further Details on the Subscription

 

The Company has conditionally raised £195.5k through the issuance of
115,000,000 new ordinary shares at the Subscription Price to Non-Executive
Chair, Eileen Carr. The Subscription Price is equal to the mid-price of the
Company's ordinary shares at close of market on 19 April 2023.

 

Eileen Carr has subscribed for shares in the Subscription as follows:

 Name         No. of Existing Ordinary Shares  No. of Subscription Shares  Number of Ordinary Shares held post Admission of Subscription Shares  Percentage of               Total Option holdings post Admission  Total Warrant holdings post Admission

enlarged issued

share capital

following

Admission of Subscription
 Eileen Carr  36,411,564((1))                  115,000,000 ((2))           151,411,564 ((3))                                                     5.33%                       0                                     11,111,111

(1)   Eileen Carr is beneficially interested in 3,391,524 Ordinary Shares
held by Hargreaves Lansdown Nominees Limited and 33,020,040 Ordinary Shares
held by AJ Bell Securities Limited.

(2)   Eileen Carr has today sold 115,000,000 Subscription Shares at 0.17
pence per share to her self invested personal pension scheme and, accordingly,
115,000,000 Subscription Shares will be held in the name of Hargreaves
Lansdown Nominees Limited. Eileen Carr's beneficial interest in the Ordinary
Shares of the Company is not effected by this transaction.

(3)   Eileen Carr is beneficially interested in 118,391,524 Ordinary Shares
held by Hargreaves Lansdown Nominees Limited and 33,020,040 Ordinary Shares
held by AJ Bell Securities Limited.

 

The participation in the Subscription by Eileen Carr, as set out in the above
table, is deemed to be a related party transaction pursuant to the AIM Rules
for Companies (the 'AIM Rules').

 

The Directors independent of the Subscription (being all of the Directors
excluding Eileen Carr), consider, having consulted with the Company's
nominated adviser, Grant Thornton UK LLP, that the terms of the Subscription
are fair and reasonable insofar as the Company's shareholders are concerned.

 

Further information on these dealings is included in the PDMR dealing
notifications below.

 

Following Admission of the Subscription Shares, the Directors will
collectively hold approximately 8.10% of the issued share capital of the
Company.

 

Admission and Dealings of the Shares

 

The Subscription 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 to be admitted to trading on AIM ('Admission') at 8.00 a.m. on or
around 24 April 2023.

 

Total Voting Rights

 

Following Admission of the Subscription Shares, the Company's issued share
capital will be 2,841,066,861 Ordinary Shares. This figure of 2,841,066,861
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.

 

 

 

** ENDS **

For further information please visit www.orioleresources.com
(http://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 / Richard Parlons

 

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 is the operator and has the option to spend US$8 million to earn a
70% interest. Under the terms of the Option Agreement, IAMGOLD has met its
first commitment by spending US$4 million within an initial four years and
has therefore earned an initial 51% beneficial interest in Senala. On 20
December 2021, IAMGOLD announced that it had signed a definitive agreement to
sell its portfolio of projects in West Africa, including its interest in
Senala, to Managem Group. IAMGOLD expects the transaction to close in
Q3-2023. 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

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Eileen Carr

 2    Reason for the notification

 a)   Position/status                                              Non-Executive Chair

 b)   Initial notification /Amendment                              Initial notification

 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 financial instrument, type of instrument  Ordinary shares of 0.01 pence each in the share capital of the company

      Identification code                                          Ordinary share ISIN: GB00B0T29327

 b)   Nature of the transaction                                    Purchase of new ordinary shares pursuant to a subscription.

 c)   Price(s) and volume(s)

                                                                                       Price(s)            Volume(s)
                                                                                       0.17p               115,000,000

 d)   Aggregated information

      - Aggregated volume                                          n/a

      - Price

 e)   Date of the transaction                                      2023.04.19

 f)   Place of the transaction                                     Outside a trading venue

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Eileen Carr

 2    Reason for the notification

 a)   Position/status                                              Non-Executive Chair

 b)   Initial notification /Amendment                              Initial notification

 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 financial instrument, type of instrument  Ordinary shares of 0.01 pence each in the share capital of the company

      Identification code                                          Ordinary share ISIN: GB00B0T29327

 b)   Nature of the transaction                                    Sale to Eileen Carr's self invested personal pension scheme of existing

                                                            ordinary shares.

 c)   Price(s) and volume(s)

                                                                                       Price(s)            Volume(s)
                                                                                       0.17p               115,000,000

 d)   Aggregated information

      - Aggregated volume                                          n/a

      - Price

 e)   Date of the transaction                                      2023.04.19

 f)   Place of the transaction                                     AIM, London Stock Exchange

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Eileen Carr

 2    Reason for the notification

 a)   Position/status                                              Non-Executive Chair

 b)   Initial notification /Amendment                              Initial notification

 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 financial instrument, type of instrument  Ordinary shares of 0.01 pence each in the share capital of the company

      Identification code                                          Ordinary share ISIN: GB00B0T29327

 b)   Nature of the transaction                                    Purchase by Eileen Carr's self invested personal pension scheme of existing

                                                            ordinary shares.

 c)   Price(s) and volume(s)

                                                                                        Price(s)             Volume(s)
                                                                                        0.17p                115,000,000

 d)   Aggregated information

      - Aggregated volume                                          n/a

      - Price

 e)   Date of the transaction                                      2023.04.19

 f)   Place of the transaction                                     AIM, London Stock Exchange

 

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