Oriole Resources plc will issue a total of 7,655,885 ordinary shares to members of the board in relation to £21,000 gross salary foregone during Q1 2023.
PRICE
The shares will be issued at a price of 0.17p which is a 13% premium to the previously agreed pricing under the six-month salary sacrifice scheme agreed in November 2022.
The scheme involves 20% of directors’ gross salary sacrificed.
Oriole said that due to the recent 31% increase in the company’s share price, it would be more appropriate for the conversion price to be the same as for today’s announced £195,500 subscription by the non-executive chair Eileen Carr.
Following the issue of the salary sacrifice shares, the five directors will collectively hold 8.34% of the issued share capital of the company.
Since June 2022, the board members have collectively committed to salary sacrifices totalling £133,500 of gross salaries.
On admission of the subscription shares and the salary sacrifice shares, the company’s share capital will be 2,848,722,746 ordinary shares.