TIDMORR
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')
GBP195.5k 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 GBP195.5k 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
-- GBP195.5k 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 GBP195.5k 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 No. of Subscription Number of Percentage Total Option Total Warrant
Existing Shares Ordinary of holdings holdings
Ordinary Shares held enlarged post Admission post Admission
Shares post Admission issued
of Subscription share capital
Shares following
Admission
of Subscription
Eileen 36,411,564 115,000,000 151,411,564
Carr (1) (2) (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.
**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 / 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
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 0.01 pence each
financial instrument, in the share capital of the company
type of instrument
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
------------------------------------- ----------------------------------------------
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 0.01 pence each
financial instrument, in the share capital of the company
type of instrument
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
------------------------------------- ------------------------------------------
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 0.01 pence each
financial instrument, in the share capital of the company
type of instrument
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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END
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