Corcel PLC
("Corcel"
or the "Company")
Fundraise
and TVR Update
17 June
2024
Corcel Plc (London AIM:
CRCL), the pan
Angola-Brazil focused exploration and production company
announces that it has raised gross proceeds
of £500,000 from the issue of 500,000,000 new ordinary shares
of £0.0001 ("Ordinary Shares") at £0.001 (the
"Placing Price") per Ordinary Share (the "Fundraising") with
high-net-worth investors.
The Company intends to use the funds
primarily to continue to build a stable financial foundation well
into the second half of the year, financing its ongoing working
capital requirements and operations, including geological and
geophysical ("G&G") work in Angola and implementation of its
business development initiatives in Brazil.
Further to the announcement of an
equity placing on 15 April 2024 (the "Placing") and the
announcements of 13 May 2024 and 7 June 2024, Extraction
Srl, a subscriber to
Tranche II of the Placing, and a third-party subscriber to Tranche
I (together the "Subscribers") were unable to meet their
obligations to provide the funds in the specified timeframe, as a
result, the Directors of the Company deemed it necessary to
complete the fundraise announced today. Therefore,
the 180,000,000 Ordinary
Shares and 180,000,000 warrants which were due to be issued to the
Subscribers in the Placing will no longer be issued.
Corcel Interim Chief Executive, Scott Gilbert,
commented: "Today's fundraise will
enable us to continue to pursue our strategy, where Angola and
Brazil remain at its core. Further details of the Company's
strategy will be communicated to the market
shortly."
Total Voting Rights:
Application will be made for the
500,000,000 new Ordinary Shares to be admitted ("Admission") to
trading on AIM and it is expected that Admission will occur on or
around 21 June 2024.
Following Admission, the Company
confirms that its total issued share capital will consist
of 2,458,300,515 Ordinary Shares, with one voting right per
Ordinary Share. The Company does not hold any Ordinary Shares in
treasury. This figure may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company
pursuant to the FCA's Disclosure Guidance and Transparency
Rules.
For
further information, please contact:
Scott Gilbert
Corcel
Plc Interim CEO
Development@Corcelplc.com
James Joyce / James Bavister /Andrew de Andrade
WH Ireland Ltd NOMAD & Joint Broker
0207 220 1666
Patrick d'Ancona
Vigo
Communications IR
0207 3900 230
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014
which is part of UK law by virtue of the European Union
(withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.