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.
· 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.
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For further information please visit www.orioleresources.com, @OrioleResources on Twitter,
Oriole Resources PLC
Tim Livesey / Bob Smeeton / Claire Bay
Tel: +44 (0)20 7830 9650
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