REG - Corcel PLC - Debt Restructuring

CorcelAnnouncement

30/01/2023 07:00

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RNS Number : 1774O  Corcel PLC  30 January 2023

Corcel PLC

("Corcel" or the "Company")

 

Debt Restructuring

 

 

30 January 2023

Corcel Plc (London AIM: CRCL), the natural resource exploration and
development company, with interests in battery metals including nickel,
cobalt, vanadium and rare earth elements, announces the successful refinancing
of its debt obligations totalling £673,348 of principal and interest,
originally announced on 14 December 2021, and most recently updated on 25
January 2023.

Scott Kaintz, CEO of Corcel commented:

"The conclusion of a very constructive negotiation with our long-term lenders
has resulted in an excellent outcome for the Company, which has now cleared
its immediate and mid-term debt obligations and given Corcel a solid runway to
advance its mineral exploration projects, with the initial focus on the
forthcoming work programme at Mt. Weld."

Debt Restructuring

The Company has agreed with its lenders, Riverfort Global Opportunities PCC
Limited and YA II PN Ltd, to make a cash payment of £235,671 (the
"Repayment") in the coming three months.  A 5% refinancing fee will be added
to the outstanding balance, and following the refinancing and Repayment a new
principal amount of £471,343 will remain.

This new balance will be subject to a twelve-month repayment holiday and then
repaid in eight equal monthly instalments starting in February 2024. The
balance of the loan will carry a 6% annual interest rate and will be
convertible at a fixed price of £0.004 per share, a 54% premium to the
closing price on 27 January 2023 and the entry price of the Company's recent
new cornerstone investor.

The Company retains the right to repay the loan early in cash, subject to a 5%
early repayment fee.

For further information, please contact:

Scott Kaintz
 
Corcel Plc CEO

020 7747 9960
 
 

James Joyce / James Bavister /Andrew de Andrade             WH
Ireland Ltd NOMAD & Broker

0207 220 1666
 

Patrick d'Ancona
 
Vigo Communications IR

0207 3900
230
 

 
 

 

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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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