REG - Oriole Resources PLC - Issue of Share Options & Directors Dealings
13/11/2024 07:15
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RNS Number : 9784L Oriole Resources PLC 13 November 2024
Oriole Resources PLC
('Oriole' or 'the Company' or 'the Group')
Issue of Share Options
and
Notification of Directors Dealings
Oriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on
West and Central Africa, provides details of Share Options issued to the
Company's Directors and to members of the management team.
Oriole Resources Remuneration Committee Chairman, David Pelham,
said: "Oriole's Remuneration Committee is pleased to announce the award of
new share options to the Company's Board of Directors and senior staff.
"Besides the regular share options periodically awarded to management for
sustained hard work in the interests of the Company, an additional award has
been made to the Board to recognise the substantial extra workload involved in
identifying, developing and finalising the transformational investment deal
with BCM International Ltd. This deal has enabled US$8 million of direct
investment into the Bibemi and Mbe gold projects in Cameroon, as well as
signature bonuses amounting to US$1.5 million paid directly to Oriole. The
successful execution of this deal is particularly gratifying, given the
extremely difficult financing conditions for junior exploration companies over
the past few years.
"Whilst a cash bonus would be the normal award, the individuals concerned
agreed to conserve cash in the Company and take options in lieu, which
continues to reflect their belief in the Company and its underlying asset
base. An initial share option package has also been awarded to Martin Rosser
as the Company's new CEO, effective from 1 May 2024."
Issue of Share Options
The Company has granted options to the Company's Director and to certain
members of staff. The Company is making these awards in order to compensate
the team for its dedication, hard work, and success in delivering the earn-in
agreements with BCM International Limited (announcements dated 20 November
2023, 5 January 2024 and 19 January 2024) and as an incentive for the ongoing
success of the Company.
The awards to the Executive Directors have been determined by the Remuneration
Committee, whereas the award to the members of the Remuneration Committee and
other employees have been determined by the Executive Directors.
In aggregate, the Company will issue 166,700,000 options ('the Options') at an
exercise price of 0.33 pence per Ordinary Share of the Company ('Ordinary
Shares'), being the 30-day Volume Weighted Average Price of the Company's
shares as at close of business on 12 November 2024 and representing a 14%
premium to the closing price on that day, utilising the Company's existing
shareholder authority.
These options will vest in the following tranches:
Vesting Date Number of options
Immediately 64,700,000
1 January 2025 34,000,000
1 January 2026 34,000,000
1 January 2027 34,000,000
The Options are not subject to performance conditions and will expire after
ten years. In aggregate, this award of Options is equivalent to 4.28% of the
current issued share capital of the Company.
The awards include 137,000,000 options in respect of awards to Directors as
set out below:
Total new options issued Total unexercised options Total unexercised warrants No. of ordinary shares held Ordinary shares held as a % of issued shares
Eileen Carr 38,000,000 62,300,000 1,611,111 168,172,969 4.32%
Martin Rosser 30,000,000 30,000,000 - 3,000,000 0.08%
David Pelham 15,000,000 40,490,446 - 6,681,075 0.17%
Claire Bay 27,000,000 74,530,000 - 11,406,568 0.29%
Bob Smeeton 27,000,000 91,383,952 3,166,666 35,936,378 0.92%
Additionally, an award of shadow share options under the Company's Cameroonian
incentive scheme will be made in respect of the Cameroonian employees who have
worked hard to deliver successful exploration on the Company's projects in
Cameroon.
Further information on these dealings is included in the PDMR dealing
notifications below.
** ENDS **
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.
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
Martin Rosser
BlytheRay (IR/PR contact) Tel: +44 (0)20 7138 3204
Tim Blythe / Megan Ray
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ciara Donnelly / Elliot Peters
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Ewan Leggat
Notes to Editors:
Oriole Resources PLC is an AIM-quoted gold exploration company, with projects
in Central and West Africa. It is focussed on early-stage exploration
in Cameroon, where the Company has reported a Resource of 375,000 oz gold at
2.30g/t in the JORC Inferred category at its 82.2(1)% owned Bibemi project and
has identified multi-kilometre gold and lithium anomalies within the
district-scale Central Licence Package project. BCM International is
currently earning up to a 50% interest in the Bibemi and Mbe projects in
return for a combined investment of US$1.5 million in signature payments, up
to US$8 million in exploration expenditure, as well as JORC resource-based
success payments.
At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl
('AGEM'), a wholly-owned subsidiary of Managem Group, has recently completed
a six-year earn-in to acquire an estimated 59% beneficial interest in the
Senala Exploration Licence by spending US$5.8 million. A review of
expenditure and discussions on the formation of a joint-venture company are
currently underway. The Company also has several interests and royalties in
companies operating in East Africa and Turkey that could deliver future
cash flow.
__________________
1 Oriole is currently undertaking a restructuring process that, once
completed, will see it hold a 90% interest in Bibemi (announcement dated 17
October 2024).
Annex
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 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 0.1 pence each in the capital of the Company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of share options
c) Price(s) and volume(s)
Price(s) Volume(s)
0.33 38,000,000
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 12th November 2024
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Martin Rosser
2 Reason for the notification
a) Position/status CEO
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 0.1 pence each in the capital of the Company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of share options
c) Price(s) and volume(s)
Price(s) Volume(s)
0.33 30,000,000
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 12 November 2024
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 Director
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 0.1 pence each in the capital of the Company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of share options
c) Price(s) and volume(s)
Price(s) Volume(s)
0.33 15,000,000
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 12 November 2024
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Claire Bay
2 Reason for the notification
a) Position/status Executive Director
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 0.1 pence each in the capital of the Company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of share options
c) Price(s) and volume(s)
Price(s) Volume(s)
0.33 27,000,000
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 12 November 2024
f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Bob Smeeton
2 Reason for the notification
a) Position/status CFO
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 0.1 pence each in the capital of the Company
Identification code Ordinary share ISIN: GB00B0T29327
b) Nature of the transaction Issue of share
c) Price(s) and volume(s)
Price(s) Volume(s)
0.33 27,000,000
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 12 November 2024
f) Place of the transaction Outside a trading venue
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