Last checked at 25 Jan 2021 07:00
Oriole Resources PLC
('Oriole Resources' or 'the Company' or 'the Group')
Exercise of Warrants, Directors Dealings and Total Voting Rights
Oriole Resources PLC (AIM: ORR), the AIM-quoted exploration company focussed on West Africa announces that, following an exercise of warrants over ordinary shares in the Company (the 'Exercise'), including by three of the Company's directors, application has been made for 4,203,357 new ordinary shares of 0.1p each ('Ordinary Shares') in the Company to be admitted to trading on AIM on 28 January 2021 ('Admission'). The exercise prices of the warrants are as set out below:
Instrument | Exercise Price (pence) | Number of New Ordinary Shares to be admitted |
Warrants | 0.68 | 4,043,970 |
Warrants | 0.60 | 159,387 |
3,676,470 of the warrants that have been exercised are by three directors of the Company and details of these together with their resultant interests in the share capital of the Company are set out below:
Name | No. of Existing Ordinary Shares | No. of Shares to be issued in respect of Warrant exercise | Number of Ordinary Shares held post Admission | Percentage ofenlarged issuedshare capitalfollowingAdmission | Total Option holdings post Admission |
John McGloin (3) | 4,411,765 | 2,205,882 | 6,617,647 | 0.44% | 4,230,574 |
Tim Livesey (1) | 7,785,857 | 735,294 | 8,521,151 | 0.57% | 35,979,940 |
Robert Smeeton (2) | 5,042,915 | 735,294 | 5,778,209 | 0.39% | 28,383,952 |
(1) Tim Livesey is beneficially interested in 7,785,857 Ordinary Shares held by Hargreaves Lansdown Nominees Limited.
(2) Robert Smeeton is beneficially interested in 5,042,915 Ordinary Shares held by Hargreaves Lansdown Nominees Limited.
(3) John McGloin is beneficially interested in 4,411,765 Ordinary Shares held by Interactive Investor Services Nominees Limited.
Further details on the exercise are included in the notification below, made in accordance with the requirements of UK MAR.
The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares.
Following Admission, a total of 292,762,620 warrants and 82,526,246 options over Ordinary Shares (representing approximately 25.1 per cent. of the Company's enlarged issued share capital) remain outstanding.
Oriole Chairman, John McGloin, said: "The Directors have made the decision to exercise their warrants in order to ensure that, should the Company decide in the future to activate the warrant instrument's accelerator provision included as part of the Company's most recent financing (see announcement on 7 October 2020) there would be no regulatory restrictions on the Company in so doing, as no PDMRs would be holding warrants. The Directors intend to hold the shares that they are acquiring through this exercise.
"The Company is fully funded for its current exploration programme in Cameroon and our partners are funding our other ongoing exploration programmes."
Total Voting Rights
Following Admission, the Company's issued share capital will be 1,492,289,522 Ordinary Shares. This figure of 1,492,289,522 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.
** ENDS **
ANNEX - PDMR notifications
Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
|
Timothy James Livesey | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Executive Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Oriole Resources PLC | |||
b)
| LEI
| 213800X32GJR5AGAR511 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.1 pence each in the capital of the Company
| |||
Identification code | Ordinary share ISIN: GB00B0T29327 | ||||
| |||||
b)
| Nature of the transaction
| Exercise of warrants | |||
c)
| Price(s) and volume(s) |
|
|
|
|
| Price(s) | Volume(s) |
| ||
| 0.68p | 735,294 |
| ||
|
|
|
| ||
d)
| Aggregated information | ||||
- Aggregated volume | n/a | ||||
- Price | |||||
e)
| Date of the transaction
| 22nd January 2021 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
|
Robert Smeeton | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Financial Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Oriole Resources PLC | |||
b)
| LEI
| 213800X32GJR5AGAR511 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.1 pence each in the share capital of the company | |||
Identification code | Ordinary share ISIN: GB00B0T29327 | ||||
| |||||
b)
| Nature of the transaction
| Exercise of warrants | |||
c)
| Price(s) and volume(s) |
|
|
|
|
| Price(s) | Volume(s) |
| ||
| 0.68p | 735,294 |
| ||
|
|
|
| ||
d)
| Aggregated information | ||||
- Aggregated volume | n/a | ||||
- Price | |||||
e)
| Date of the transaction
| 22nd January 2021 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| John McGloin | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Non-Executive Chairman | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Oriole Resources PLC | |||
b)
| LEI
| 213800X32GJR5AGAR511 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.01 pence each in the share capital of the company | |||
Identification code | Ordinary share ISIN: GB00B0T29327 | ||||
| |||||
b)
| Nature of the transaction
| Exercise of warrants | |||
c)
| Price(s) and volume(s) |
|
|
|
|
| Price(s) | Volume(s) |
| ||
| 0.68p | 2,205,882 |
| ||
|
|
|
| ||
d)
| Aggregated information | ||||
- Aggregated volume | n/a | ||||
- Price | |||||
e)
| Date of the transaction
| 22nd January 2021 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
For further information please visit www.orioleresources.com, @OrioleResources on Twitter, or contact:
Oriole Resources PLC Bob Smeeton / Tim Livesey / Claire Bay
| Tel: +44 (0)20 7830 9650 |
Blytheweigh (IR/PR contact) Tim Blythe / Megan Ray / Rachael Brooks
| Tel: +44 (0)20 7138 3204 |
Grant Thornton UK LLP Samantha Harrison / Seamus Fricker / George Grainger
| Tel: +44 (0)20 7383 5100 |
Shard Capital Partners LLP Damon Heath / Erik Woolgar / Isabella Pierre
| Tel: +44 (0)20 186 9900 |
Notes to Editors:
Oriole Resources PLC is an AIM-listed exploration company, operating West Africa. It is focused on early-stage exploration in Cameroon (Bibemi and Wapouzé projects) and the more advanced Senala gold project in Senegal, where IAMGOLD has the option to spend US$8 million to earn a 70% interest. Year two commitments have been met at all three projects. The Company has several interests and royalties in companies operating throughout Africa and Turkey that could deliver future cash flow, and it continues to assess new opportunities in both regions.