Oriole Resources plc has conditionally raised £400,000 comprising an equity raise, directors’ subscriptions and a salary sacrifice scheme.
FUNDRAISE
The fundraise comprises £300,000 in a placing and £40,000 from subscriptions by certain directors through the issue of 188,888,888 new ordinary shares at the placing price of 0.18 pence per share, equal to a 14% discount.
SALARY SACRIFICE
Oriole said that the board also intended to enter into a salary sacrifice scheme totalling £96,000 in aggregate, of the gross salaries over a four-month period from June 2022.
| Name | No. of Existing Ordinary Shares | No. of Subscription Shares | Number of Ordinary Shares held post Admission of Placing Shares | Percentage of enlarged issued share capital following Admission of Placing Shares | Total Option holdings post Admission | Total Warrant holdings post Admission |
| Eileen Carr | 5,077,980 | 11,111,111 | 16,189,091 | 0.74% | 0 | 11,111,111 |
| Tim Livesey | 11,559,132 | 2,777,778 | 14,336,910 | 0.66% | 35,979,940 | 2,777,778 |
| Robert Smeeton | 8,131,150 | 6,666,666 | 14,797,817 | 0.68% | 28,383,952 | 6,666,666 |
| Claire Bay | 765,392 | 1,666,667 | 2,432,059 | 0.11% | 10,030,000 | 1,666,667 |
“The intention is that, over a four-month period commencing June 2022, 67% of the board’s combined salary will be applied as a subscription for new shares.
“The number of shares to be issued will be calculated based on a price that equals the 30-day VWAP at the end of each month and they will be issued on a monthly basis.
“Following the placing, the directors will collectively hold 2.26% of the issued share capital of the company.
“The intention is that the net sacrificed salary (approximately £60k) will then be applied to subscribe for new ordinary shares at the end of each month or as soon as practically possible thereafter.”
USES
Proceeds will primarily be used to advance the company’s Central Licence Package and the Bibemi projects in Cameroon.