REG - Corcel PLC - Corcel Secures New Institutional Shareholder

CorcelAnnouncement

15/07/2025 07:00

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RNS Number : 0157R  Corcel PLC  15 July 2025

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.

 

Corcel PLC

("Corcel" or the "Company")

 

Corcel Secures Purpose Global Resource Fund as New Institutional Shareholder -
Director's Dealings - TVR

 

15 July 2025

 

Corcel Plc (London AIM: CRCL), the Angola-Brazil-focused energy company, is
pleased to announce the successful completion of a £1.1 million equity
placing at £0.0034 per share, in line with the Company's 15-day
volume-weighted average price (VWAP). The placing was led by Toronto-based
Purpose Global Resource Fund, who join the Corcel register as a new
institutional shareholder. The round also included follow-on investment from
Charlestown Energy Partners, based in New York City, who increased their
position in the Company. Members of the Corcel Board - CEO Scott Gilbert,
Executive Director and CSO Geraldine Geraldo, Independent Non-Executive Chair
Pradeep Kabra, and Independent Non-Executive Director Andrew Fairclough - also
participated in the placing, collectively subscribing for 9.6% of the total
amount raised.

 

Highlights:

o  Successfully received an investment of £1.1 million through an equity
placing at £0.0034 per share

o  Participation by leading institutional investors, including new
shareholder Purpose Global Resource Fund

o  Continued support from Charlestown Energy Partners and strong Board
participation

o  Proceeds to be deployed towards the execution of a 2D seismic program at
KON-16, onshore Angola in Q3 2025

Scott Gilbert, Corcel's CEO, commented: "We are delighted to welcome Purpose
Global Resource Fund as a new shareholder in Corcel, and equally pleased with
the continued support from Charlestown Energy Partners. Over the past 12
months, we've executed a focused turnaround strategy that has driven
significant value creation - reflected in a 150% increase in our share price
and more than a sixfold rise in market capitalization. The calibre of
international institutional investors that we have been able to attract,
through this and previous placings, is a strong validation of our strategy and
progress. The additional capital will enable us to maintain our momentum
towards the execution of our 2D seismic program at KON-16 in Q3 2025 and
further strengthen our position as a fast-growing company in Angola. We are
proud of the foundations we have built in Angola and Brazil and remain
committed to delivering long-term value for our shareholders, as we drive
towards the drilling of the first exploration well in the Kwanza Basin since
1982 - a pivotal milestone that could unlock a material pre-salt discovery and
redefine the basin's energy potential."

 

Jeremy Lin, Portfolio Manager of Purpose Global Resource Fund, commented: "We
are excited at the opportunity to invest alongside Corcel's team in unlocking
significant resource potential in Angola."

 

About Purpose Global Resource Fund:

Purpose Global Resource Fund is a fund at Purpose Unlimited Inc. dedicated to
investing in high-impact resource plays with asymmetric risk-reward profiles.
Purpose Unlimited Inc. is a rapidly growing Canadian financial services firm
founded in 2013 and headquartered in Toronto with $25 billion in assets under
management. The company is dedicated to reinventing the financial sector
through bold innovation, with a mission to empower Canadians to take control
of their financial futures and pursue their ambitions with confidence.

 

Robert Bose, Principal and Managing Partner of Charlestown Energy Partners,
commented: "We are thrilled to add to our existing corporate exposure to
Corcel through this placement. Corcel provides one of the most compelling
opportunities for high impact exploration [in Africa].  We are looking
forward to significant progress and success in the coming quarters on KON-16
in particular."

 

About Charlestown Energy Partners

Charlestown Energy Partners is a private investment vehicle associated with a
family office in New York that has been making investments globally across the
energy complex since 2014.  Charlestown Energy has a specific focus on high
impact exploration opportunities across the conjugate margin including as the
cornerstone investor in Sintana Energy (SEI-TSX-V) with substantial exposure
in Namibia and Angola, and also through its investment in Challenger Energy
(CEG - AIM) which has significant exposure to Uruguay's emerging offshore
opportunity.  Charlestown Energy is led by Robert Bose who is the Chief
Executive Office and a board member of Sintana Energy, and also a
Non-Executive Director of Challenger Energy.

 

Fundraising:

The Company will issue 323,529,407 new ordinary shares of £0.0001 each
("Placing Shares") at a price of £0.0034 per share (the "Fundraising") to
raise £1.1m before expenses.

The issuance of the Placing Shares is contingent upon the approval of the
resolutions to be put to shareholders of the Company to be outlined herein.

 

Directors Dealings:

 

The following Directors intend to participate in the Fundraising as outlined
below.

Mr. Scott Gilbert, Chief Executive Officer, intends to subscribe for 8,823,529
Ordinary Shares at the Placing Price for an investment of £30,000.

 

Ms. Geraldine Geraldo, Executive Director, intends to subscribe for 8,823,529
Ordinary Shares at the Placing Price for an investment of £30,000.

 

Mr. Pradeep Kabra, Independent Non-Executive Chair, intends to subscribe for
8,823,529 Ordinary Shares at the Placing Price for an investment of £30,000.

 

Mr. Andrew Fairclough, Independent Non-Executive Director, intends to
subscribe for 4,411,764 Ordinary Shares at the Placing Price for an investment
of £15,000.

Following their participation in the Fundraising, the resultant Directors'
shareholdings are as follows:

 Directors          Total shares  % of Issued Share Capital  Options     Warrants

 Scott Gilbert      84,307,770    1.43%                      31,490,580  Nil

 Geraldine Geraldo  123,498,529   2.09%                      31,490,580  39,975,000

 Pradeep Kabra      32,934,115    0.56%                      31,490,580  Nil

 Andrew Fairclough  17,972,625    0.30%                      Nil         Nil

 

General Meeting:

The Fundraising has been supported by existing investors and Company Directors
and will result in the issuance of 323,529,407 new ordinary shares.  As the
Company currently has limited shareholder authority remaining from its last
Annual General meeting, issuance of the Placing Shares is conditional upon,
inter alia, the passing of resolutions to be put to shareholders of the
Company at a general meeting of the Company.

The Company will publish a circular to convene the general meeting to propose
Resolutions to enable completion of the Fundraising, issuance of the Placing
Shares and a renewal of routine equity authorities.  A further announcement
covering the details of the general meeting will be made and a circular
containing the notice of meeting will be published and sent to shareholders in
the coming days and will be available on the Company's
website, www.corcelplc.com.  Shareholders are strongly urged to vote by
proxy in accordance with the instructions set out in the notice of general
meeting.

 

Total Voting Rights:

Application will be made for the 323,529,407 Placing Shares to be admitted
("Admission") to trading on AIM and it is expected that Admission will occur
on or around 7 August 2025.

Following Admission, the Company confirms that its total issued share capital
will consist of 5,913,458,138 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, CEO & Director

Development@Corcelplc.com (mailto:Development@Corcelplc.com)
 

 

James Joyce / James Bavister / Andrew de Andrade

Zeus, NOMAD & Broker

020 3829 5000

 
 

Jonathan Wright / Rupert Holdsworth
Hunt

Auctus Advisors LLP, Joint Broker

07711 627449

 

Patrick d'Ancona
 

Vigo Consulting Limited, IR

0207 3900 230
 

 

About Corcel

Corcel has a notable oil and gas portfolio in onshore Angola that includes
brownfield redevelopment opportunities and significant exploration upside.
Corcel marked a new country entry into Brazil through the option to acquire
rights to producing gas and exploration assets, further diversifying its
portfolio and enhancing its growth potential.

 

Corcel's Angola portfolio consists of interests in three licenses:

 

·      KON - 16 upon completion: operated - 80% working interest - 71.5%
net to CRCL

·      KON - 11 Non-Operated - 20% working interest - 18% net to CRCL

·      KON - 12 Non-Operated - 25% working interest - 22.5% net to CRCL

 

Corcel's Brazil portfolio consists of the option to acquire:

 

·      20% interest in the IRAI gas field

·      Right-of-first refusal ("ROFR") over the remaining 80% in the
IRAI field

·      ROFR for 100% of the adjacent TUC-T-172 exploration block,
located in the state of Bahia, onshore Brazil

 

Corcel's Battery Metals portfolio consists of an 80% working interest in the
Mt Weld Rare Earth Elements project in Western Australia.

 

 

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                                              1.   Scott Gilbert

                                                                                       2.   Geraldine Geraldo

                                                                                       3.   Pradeep Kabra

                                                                                       4.   Andrew Fairclough
 2                                   Reason for the notification
 a)                                  Position/status                                   1.   Chief Executive Officer

                                                                                       2.   Executive Director

                                                                                       3.   Non-Executive Chairman

                                                                                       4.   Non-Executive Director

 b)                                  Initial notification/Amendment                    Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                            Corcel plc
 b)  LEI                                                             2138009ECXQQ3EGKVY57
 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 £0.0001 each
     Identification code                                             GB00BKM69866
 b)  Nature of the transaction                                       Purchase of ordinary shares
 c)  Price(s) and volumes(s)                                         Price(s)                             Volume(s)
                                     1.   £0.0034

                                     2.   £0.0034                                      1.   8,823,529

                                     3.   £0.0034                                      2.   8,823,529

                                     4.   £0.0034                                      3.   8,823,529

                                                                                       4.   4,411,764
 d)  Aggregated information
     Aggregated volume                                               N/A
     Price                                                           N/A
 e)  Date of the transaction                                         14 July 2025
 f)  Place of the transaction                                        London, AIMX

 

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