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Strategic Update

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RNS Number : 3405T
Oriole Resources PLC
14 November 2019
 

 

Oriole Resources Plc

 

('Oriole' or 'the Company')

 

Strategic Update

 

Oriole Resources PLC, the AIM-quoted exploration company focussed on West Africa, provides a strategic update on the business.

 

Following the Company's technical meetings during Q3, the team has identified drill targets at the Bibemi licence in Cameroon. An initial 1,500 metres of drilling (over 14 holes) is planned at the Bakassi Zone to test the depth-extension of mineralisation identified to date, including previous trenching intersection of up to 9m @ 3.14 g/t Au (announcement dated 21 May 2019). This will form part of an intended larger programme, subject to results and ongoing exploration (please click https://orioleresources.com/projects/bibemi-and-wapouze/ for the proposed drill plan). The team is currently mobilising to site to ground-truth the proposed drill locations and will also undertake mapping and rock-chip sampling in the northeast of the Bakassi Zone in order to identify further drill targets.

 

Following the receipt of £105,000 Research and Development credits from Her Majesty's Revenue and Customs (announcement dated 11 November 2019), and having explored the options available and in light of prevailing market conditions, the Company has decided that it will concentrate on pursuing its asset realisation plans to help fund further exploration, with discussions underway on a number of opportunities.

 

In order to continue to maximise cash available for ongoing exploration work the Board of Directors have agreed to move to remuneration by share options, in lieu of contractual salary payments, for a limited term. In this regard, options are preferable to the issue of full-paid shares, as the tax deferral that options provide allows more cash conservation in the Company. The intention is for up to 70,000,000 options ('the Options') to be issued, at an exercise price of 0.1p per Ordinary Share of the Company ('Ordinary Shares'), utilising the Company's existing shareholder authority. These options will be accrued over a three-month period, commencing 1 November 2019 and ending on 31 January 2020, and will be issued thereafter in one transaction. The quantity of Options issued will be determined on a monthly basis by reference to the 30-day VWAP at the end of each month, less the exercise price, and the options will be exercisable any time within ten years of issue.

 

Issue of the Options in lieu of salary is subject to approval by the Board and by the proposed Option recipient. The Board retain the right to pay the accrued salary in cash instead in certain circumstances, for example should the existing shareholder authority have been exhausted as a result of other business activities and in the event that a future shareholder authority is not secured.

 

Oriole Resources Chairman, John McGloin, said:  "We are pleased that both the Executive Directors have proposed a move to equity-only remuneration. Both David Pelham and I are joining them, affirming  the Directors confidence in the underlying value of the Company's assets. We look forward to updates from our West and Central African projects as we enter the new field season, and anticipate strong newsflow from these and the rest of our portfolio over the coming weeks."

 

** ENDS **

 

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.

 

For further information please visit www.orioleresources.com,  @OrioleResources on Twitter, 

or contact:

 

Oriole Resources Plc

Tel: +44 (0)20 7830 9650

Tim Livesey / Bob Smeeton / Claire Bay




Blytheweigh (IR/PR Contact)

Tel: +44 (0)20 7138 3204

Tim Blythe / Megan Ray / Rachel Brooks




Grant Thornton UK LLP

Tel: +44 (0)20 7383 5100

Samantha Harrison / Ben Roberts / Niall MacDonald

WH Ireland

Adrian Hadden / Darshan Patel / Lydia Zychowska

 

Tel: +44 (0)20 7220 1666



 

Notes to Editors:

 

Oriole Resources PLC is an AIM-quoted exploration company, focussed on West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Dalafin 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.

.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 0.375

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