REG - Corcel PLC - Director Cash for Equity Swap

CorcelAnnouncement

31/01/2023 07:00

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RNS Number : 3300O  Corcel PLC  31 January 2023

Corcel PLC

("Corcel" or the "Company")

 

Director Cash for Equity Swap - Directors Dealings - TVR

 

 

31 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 that Mr. Parsons, the
Company's Chairman, has elected that, rather than draw a monthly cash salary,
that he receive his remuneration for the next four months in stock of the
Company.

Agreement Details and Directors Dealings

With a view to both reducing the Company's cash burn and ensuring alignment
with the Company's shareholders, Mr Parsons, the Company's Chairman, has
proposed and the Company has agreed, that his monthly salaries from February
2023 to May 2023 as well as certain historic obligations dating from 2021,
will be paid in the form of new ordinary shares in the Company.

Accordingly, 16,910,618 new ordinary shares of the Company have today been
issued to Mr Parsons at the closing price on 30 January 2023 of £0.00265.
This reflects the net balance of the obligations which are being settled by
this agreement.

Following the Agreement, the resultant Directors' shareholdings are as
follows:

 

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

                Direct      Indirect
 James Parsons  20,983,997  2,143,100  23,127,097    2.87%                      2,381,250  9,587,764

 

Admission to Trading on AIM and Total Voting Rights

Application is being made to AIM for 16,910,618 shares to be admitted to
trading on AIM, the admission of which it is expected on or around 3 February
2023.

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 Placing Shares its issued ordinary share capital will
comprise 805,647,007 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 805,647,007. 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.

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
 

 

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.

 

 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)
                                     £0.00265                                          16,910,618

 d)  Aggregated information                                          N/A
     Aggregated volume                                               N/A
     Price                                                           £0.00265
 e)  Date of the transaction                                         31 January 2023
 f)  Place of the transaction                                        AIMX

 

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