REG - Corcel PLC - Funding Update

CorcelAnnouncement

23/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240223:nRSW1813Ea&default-theme=true

RNS Number : 1813E  Corcel PLC  23 February 2024

 

Corcel PLC

("Corcel" or the "Company")

Funding Update

23 February 2024

Further to the announcements of 18 September 2023 and 2 January 2024,
Corcel Plc (London AIM: CRCL) provides an update on its unsecured convertible
loan note facility.  The facility has the potential to extend £10,000,000 of
funding to the Company, attracts a 12% interest rate per annum and is
convertible into new ordinary shares over the three-year life of the notes at
a fixed price of £0.008.

To date, £1,000,000 has been drawn down from the facility with £250,000 of
this subsequently converted into equity as announced on 2 January 2024.

 

The Company is currently in discussions with the lender, Extraction Srl,
around the quantum and timing of the next drawdown against the facility, and
the Company will update the markets on these discussions in due course.  The
Company expects the proceeds of this drawdown to fund its ongoing activities
in the Kwanza Basin, Angola.

 

Extraction Srl is 45% owned by the Executive Chairman of Corcel Plc, Antoine
Karam.

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.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFLFLTFAIFFIS