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(Alliance News) - Oriole Resources PLC said on Thursday said it is planning on selling assets to fund exploration work in Cameroon, while directors have also foregone pay.
Oriole's portfolio includes the Bibemi and Wapouze prospects in northern Cameroon, as well as applications for licences in the centre of the country. It also owns the Dalafin project in Senegal.
Oriole has identified some drilling targets at Bibemi, and it plans 14 holes covering 1,500 metres at the Bakassi zone. Previous trenching work found grades of up to 3.1 grams of gold per tonne of ore.
This drilling, Oriole said, will form part of a larger programme subject to results and ongoing exploration.
However, Oriole added: "Following the receipt of GBP105,000 research & development credits from HMRC, and having explored the options available and in light of prevailing market conditions, the company has decided it will concentrate on pursuing its asset realisation plans to help fund further exploration, with discussions underway on a number of opportunities."
The firm's board have agreed to be paid in share options rather than a contracted salary "for a limited term". Oriole plans to issue up to 70 million options at an exercise price of 0.1 pence each.
The options will be accrued over a three month period from the start of November this year, issued after that in one transaction. The quantity issued will depend on the 30-day volume-weighted average price at the end of each month, minus the exercise price, and they will convertible within ten years.
Non-Executive Chair 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."
Oriole is led by Chief Executive Tim Livesey, while Pelham serves as a non-executive director. Bob Smeeton is the firm's chief financial officer.
By George Collard; georgecollard@alliancenews.com
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