REG - Corcel PLC - Fundraise and TVR Update

CorcelAnnouncement

17/06/2024 07:15

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RNS Number : 6001S  Corcel PLC  17 June 2024

 

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 (mailto: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.

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