Oriole Resources plc’s board of directors has agreed further salary sacrifice and new share option remuneration plans for staff and local employees in the company’s Cameroon gold projects.
SALARY SACRIFICE
The agreement follows completion last month of a share-based salary sacrifice scheme resulting in the entire board taking shares in the company in lieu of £90,000 net salary.
The company said that the new six-month salary sacrifice plan, for 25% of contractual payments, aimed to maximise cash available for ongoing exploration work.
NEW SHARE OPTION REMUNERATION
Alongside the salary sacrifice plan, Oriole will grant options to the board and to certain members of staff.
The company will also introduce an incentive scheme, in lieu of material salary increases, for its Cameroonian employees who helped deliver Cameroon’s first JORC compliant resource for gold.
TOTAL AWARDS
Oriole will issue a total 177,000,000 options at an exercise price of 0.2 pence per ordinary share, an 8% premium to the closing price at 26 May 2023.
In aggregate, the options award is equivalent to 6.21% of the current issued share capital of the company and includes 160,500,000 options for directors.
The options, not subject to performance conditions, will vest in tranches from immediately to 31 May 2025 and will expire after ten years.
PDMRs
Following the awards, independent non-executive director (NED) Eileen Carr holds total 24,300,000 new options, 11,111,111 warrants, 152,672,969 shares as 5.36% of issued shares.
Chief executive officer Tim Livesey has 40,500,000 new options taking his total unexercised options to 76,479,940, with 2,777,778 warrants and 38,308,323 shares held (1.34%).
Independent NED David Pelham has 22,200,000 new options taking his total of unexercised options to 25,490,446, with 6,681,075 total shares held (0.23%).
Executive director, exploration & business development Clare Bay has 37,500,000 new options, taking her total of unexercised options to 47,530,000, with 1,666,667 warrants and a total 9,739,901 shares held (0.34%).
Chief financial Bob Smeeton has 36,000,000 new options, a total 64,383,952 unexercised options, 6,666,666 warrants, with 32,436,378 ordinary shares held (1.14%).