REG - Corcel PLC - Debt Conversion, Directors Dealings & TVR

CorcelAnnouncement

28/02/2022 07:00

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RNS Number : 9409C  Corcel PLC  28 February 2022

 

 

Corcel PLC

("Corcel" or the "Company")

 

Debt Conversion and Directors Dealings,

TVR

 

28 February 2022

 

Corcel, the natural resource exploration and development company with
interests in battery metals and flexible energy generation and storage,
announces the conversion of the debt position, controlled by the Chairman with
an 18-month lock in.

Highlights:

 

o  C4 Energy Limited (the "C4"), a company controlled by the Chairman, has
agreed to convert £128,586 of outstanding debt and interest obligations,
resulting in the issuance of 8,572,400 new ordinary shares locked up for 18
months

 

C4 Debt Conversion

As previously announced on 14 December 2021, the Company has agreed with its
lenders, C4 Energy Limited, for the conversion (the "C4 Conversion") of
£128,586 of outstanding interest and principal into 8,572,400 new ordinary
shares (the "C4 Shares") of the Company.  These shares will be locked up for
an 18-month period following issuance.

Related Party Transaction

 

C4 is a UK incorporated private entity where James Parsons, Chairman of Corcel
Plc, is both a Director and shareholder.  The C4 Conversion constitutes a
related party transaction as defined by Rule 13 of the AIM Rules for
Companies.  Ewen Ainsworth, Henry Bellingham and Scott Kaintz, being the
Directors of the Company, who are independent of the C4 Conversion, having
consulted with the Company's nominated advisor, WH Ireland Ltd, and consider
the terms of the C4 Conversion to be fair and reasonable insofar as the
Company's shareholders are concerned.

 

Directors Dealings

 

James Parsons, through his interest in the C4 as outlined herein, has
increased his indirect interest in the Company through the indirect ownership
of 2,143,100 new ordinary shares, issued as part of the C4 Debt Conversion.
 

 

Following the C4 Debt Conversion, the resultant Directors' shareholdings are
as follows:

 

 Directors         Ordinary Shares       Total Shares  % of Issued Share Capital  Warrants   Options

                   Direct     Indirect
 James Parsons     3,089,773  2,143,100  5,232,873     1.31%                      2,381,250  3,040,567
 Scott Kaintz      2,570,944  1,754,275  4,325,219     1.08%                      2,185,417  3,164,767
 Henry Bellingham  0          0          0             0.00%                      0          0
 Ewen Ainsworth    2,253,429  0          2,253,429     0.56%                      1,281,250  0

 

Admission to Trading on AIM and Total Voting Rights

Application is being made to AIM for 8,572,400 shares to be admitted to
trading on AIM, the admission of which it is expected on or around 4 March
2022.

In accordance with the provision of the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority, the Company confirms that, following
the issue of the C4 Shares its issued ordinary share capital will comprise
400,560,001 ordinary shares.

All of the ordinary shares have equal voting rights and none of the ordinary
shares are held in Treasury. The total number of voting rights in the Company
will therefore be 400,560,001. The above figure may be used by shareholders as
the denominator for the calculations to determine if they are required to
notify their interests in, or change to their interest in, the Company.

 

Scott Kaintz 020 7747
9960
Corcel Plc CEO

James Joyce / Andrew de Andrade 0207 220 1666
         WH Ireland Ltd NOMAD & Broker

Simon Woods 0207 3900
230
                  Vigo Consulting IR

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU, which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed
in accordance with the Company's obligations under Article 17.

 

 

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                                              James Parsons
 2                                   Reason for the notification
 a)                                  Position/status

                                                                                       PDMR (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                                                            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)
                                     £0.015                                            2,143,100

 d)  Aggregated information                                          2,143,100
     Aggregated volume                                               N/A
     Price                                                           £0.015
 e)  Date of the transaction                                         25 February 2022
 f)  Place of the transaction                                        AIMX

 

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