REG - Corcel PLC - Equity Placing and TVR

CorcelAnnouncement

14/12/2022 09:45

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RNS Number : 6845J  Corcel PLC  14 December 2022

Corcel PLC

("Corcel" or the "Company")

 

Equity Placing and TVR

 

14 December 2022

 

Corcel, the natural resource exploration and development company with
interests in nickel, cobalt and other battery metals announces it has raised
proceeds of £466,000 at a 95% premium to the current share price from AUSPECT
Investment PTY Ltd, a private Australian investment company introduced by the
proposed incoming Director Mr Zhao.

 

Chief Executive Officer, Scott Kaintz commented: "Following on from the NPC
investment announced in October, we welcome this additional capital, priced at
a healthy premium, confirming the Board's view of a current valuation
discrepancy in the market.  This new investor, when combined with our new NPC
cornerstone points to an exciting future for Corcel and its interests and sets
the foundation for our operations and direction in 2023."

 

Equity Raise:

 

The fundraising has raised gross proceeds of £466,000 from the issue of
116,500,000 new ordinary shares of £0.0001 (Ordinary
Shares) at £0.004 (the "Placing Price") per share ("Placing Shares") to
AUSPECT Investment PTY Ltd.  The Placing Price represents a 95% premium to
the closing share price as of 13 December 2022.  Settlement is expected on or
before 23 December 2022.

 

The Company has also issued the equity investor with one warrant for every one
share exerciseable at £0.005 per new warrant share at any time over the
next three years ("Warrants").  A portion of the Warrants are to be issued
following the Company's Annual General Meeting, currently scheduled for 22
December 2022.   AUSPECT Investment PTY Ltd has informed the Company that it
ultimately intends to distribute the shares to a Hong Kong registered company
with the same name, once that company is set up.

 

The Company intends to use a portion of the funds from this fundraising to
complete the retirement of the corporate debt due in March 2023 as well as for
the development of additional opportunities in the battery metals space.  The
Company is currently active on various potentially transformational battery
metal transactions in South America.

 

Total Voting Rights: Mt Weld

 

Application has been made for 50,000,000 new ordinary shares to be admitted to
trading on AIM in connection with the Mt Weld acquisition announced on 5
December 2022 and it is expected that their admission to AIM will take place
on or around 23 December 2022 ("Admission").

 

Following Admission, the Company's total issued share capital will consist of
630,208,295 Ordinary Shares, with one voting right per share. The Company does
not hold any shares in treasury. Therefore, the total number of Ordinary
Shares and voting rights in the Company will be 630,208,295 from Admission.
This figure may be used by shareholders in the Company from admission 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.

 

Total Voting Rights: Second Admission

 

Application will be made for the 116,500,000 new ordinary shares to be
admitted to trading on AIM and it is expected that their admission to AIM will
take place on or around 4 January 2023 ("Admission").

 

Following Admission, the Company's total issued share capital will consist
of 746,708,295 Ordinary Shares, with one voting right per share. The Company
does not hold any shares in treasury. Therefore, the total number of Ordinary
Shares and voting rights in the Company will be 746,708,295 from
Admission. This figure may be used by shareholders in the Company from
admission 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 Kaintz 020 7747
9960
Corcel Plc CEO

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

Patrick d'Ancona  0207 3900
230
Vigo Communications IR

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

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