REG - Corcel PLC - Exercise of Warrants - Loan Conversion - TVRs

CorcelAnnouncement

27/09/2023 10:30

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RNS Number : 8484N  Corcel PLC  27 September 2023

 

Corcel PLC

("Corcel" or the "Company")

 

 Exercise of Warrants - Loan Conversion - Debt Retirement - Total Voting
Rights

 

 

27 September 2023

 

Corcel Plc (London AIM: CRCL), the pan Angolan/Brazilian Oil and Gas company,
with interests across oil and gas and battery metals, is pleased to announce
that it has received notice of the exercise of 75,000,000 warrants at a price
of £0.0021 per share, for gross proceeds of £157,500, which have been
credited to the Company's account. Accordingly, the Company has issued
75,000,000 new ordinary shares of £0.0001 each ("Warrant Shares") in the
Company.

 

Further, the Company announces that it has received notice of the conversion
of £100,000 of outstanding loan notes from its lenders, YA II PN Ltd and
Riverfort Global Opportunities PCC Limited, into 25,000,000 new ordinary
shares of the Company at a price of £0.004 per share. Accordingly, the
Company has issued 25,000,000 new ordinary shares of £0.0001 each
("Conversion Shares") in the Company.

 

Finally, the Company announces that it has formally notified YA II PN Ltd and
Riverfort Global Opportunities PCC, and has now repaid the balance of the
corporate debt due following today's conversion notice.  This payment fully
retires the facility, most recently announced on 30 January 2023.

Antoine Karam, Executive Chairman of Corcel, commented: "The retirement of
this legacy debt position alongside the convertible loan facility recently
announced, continues the Company's transition to a new framework of funding
our development.  We thank our warrant holders for helping facilitate this
process through their conversion and for demonstrating their material support
for our ongoing development."

Admission to Trading on AIM and Total Voting Rights

 

Application is being made for the Warrant Shares and the Conversion Shares,
100,000,000 in total, to be admitted to trading on AIM, the admission of which
it is expected on or around 03 October 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 Shares, its issued ordinary share capital will
comprise 1,599,528,988 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 1,599,528,988. 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:

Antoine
Karam
Corcel Plc Executive Chairman

Development@Corcelplc.com (mailto:Development@Corcelplc.com)
 

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.

 

 

 

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