REG - Corcel PLC - Exercise of Warrants, Block Listing and TVR

CorcelAnnouncement

Tue 07:00

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RNS Number : 0237O  Corcel PLC  24 June 2025

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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.

 

Corcel PLC

("Corcel" or the "Company")

 

Exercise of Warrants, Block Listing Application and TVR

 

24 June 2025

 

Corcel plc, (London AIM: CRCL), the Angola-Brazil focused energy company,
announces that the Company has received a notice of an exercise of warrants
over 31,250,000 new Ordinary shares of £0.0001 in the Company (the "Warrant
Shares") at an exercise price of £0.00225 per Warrant Share, raising
£70,312.50 for the Company.

 

Scott Gilbert, Corcel's Chief Executive Officer, commented: "We are pleased to
report initial warrant exercises, which we see as a strong indicator of
growing investor confidence in our strategy and value proposition. These
exercises, completed at a 40% premium to our most recent raise, strengthen our
balance sheet and enhance our cash position, enabling us to continue to
advance our operational plans, including the planned seismic program across
our operated KON-16 block in the onshore Kwanza basin."

 

Block Admission

 

The Company also announces that it has applied to the London Stock Exchange
for a block listing of up to 944,575,000 Ordinary Shares to be admitted to
trading on AIM. The purpose of the block listing is to satisfy the issue of
shares for further outstanding warrants, which the Company expects will be
exercised in the near future. This figure is 17% of the currently issued share
capital, and in accordance with the block listing process under Rule 29 of the
AIM Rules, would cover the potential exercise of approximately 49% of the
currently outstanding warrants (as further detailed below).

 

The Ordinary Shares, subject to the block admission, will not be allotted
immediately but rather will be issued and allotted on exercise of the warrants
from time to time. The Company will announce the number of any Ordinary
Shares, issued and admitted under the block listing, at the end of the
calendar month in which warrants are exercised. The earliest expected
effective date of admission of any of these securities to AIM is 25 June 2025.
On issue, these new Ordinary Shares will be issued as fully paid and will rank
pari passu in all respects with the existing Ordinary Shares of the Company.

 

The warrants outstanding are shown in the table below. This table excludes the
31,250,000 Warrant Shares discussed above, which are being applied for
separately.

 

 Name                              Issue Date  Expiry Date  Number of Warrants  Exercise Price (£)
 Placing Warrants - October 2022   17.10.2022  16.10.2025   50,000,000          0.005
 Placing Warrants - December 2022  13.12.2022  12.12.2025   116,500,000         0.005
 Placing Warrants - April 2024     12.04.2024  17.04.2026   79,950,000          0.010
 Placing warrants - Feb 2025       24.02.2025  24.02.2027   1,698,125,000       0.00225

 

The total warrants outstanding exceed the block listing total. The warrants
covered by this block listing are as shown below.

 

 Name                              Issue Date  Expiry Date  Number of Warrants  Exercise Price (£)
 Placing Warrants - October 2022   17.10.2022  16.10.2025   50,000,000          0.005
 Placing Warrants - December 2022  13.12.2022  12.12.2025   116,500,000         0.005
 Placing Warrants - April 2024     12.04.2024  17.04.2026   79,950,000          0.010
 Placing warrants - Feb 2025       24.02.2025  24.02.2027   698,125,000         0.00225

 

Should investors seek to exercise more warrants above this limit, the Company
will issue new Ordinary Shares without a block listing.

 

Admission and Total Voting Rights

 

Application has been made for the 31,250,000 Warrant Shares to be admitted to
trading on AIM, which is expected to occur on or around 25 June 2025 (the
"Admission"). The Warrant Shares will rank pari passu in all respects with the
Ordinary shares of the Company currently trading on AIM.

 

Following the Admission, the Company's issued share capital will comprise of
5,589,928,731 Ordinary shares with one voting right per share. This number
will represent the total voting rights in the Company and may be used by
shareholders as the denominator for the calculation by which they can
determine if they are required to notify their interest in, or a change to
their interest in, the Company under the Financial Conduct Authority's
Disclosure 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 Capital Ltd, 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.

 

 

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