Oriole Resources PLC (AIM:ORR) has granted its management team additional share options in recognition of the two earn-in agreements agreed with BCM International and as an incentive for the ongoing success of the explorer.
The award will see 166.7 million options issued at an exercise price of 0.33 pence per share, a 14% premium to the closing price yesterday.
David Pelham, Oriole’s remuneration committee chairman, said: "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."