REG - Corcel PLC - Joint Venture Pre-emption – Funding Update

CorcelAnnouncement

14/04/2023 16:00

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RNS Number : 3162W  Corcel PLC  14 April 2023

 

14 April 2023

 

 

Corcel PLC

("Corcel" or the "Company")

 

Battery Metals Joint Venture Pre-emption - Funding Update

Corcel Plc (London AIM: CRCL), the extractive industries exploration and
development company, with interests in battery metals including nickel,
cobalt, and rare earth elements, announces that it has been notified by
Battery Metals Pty Ltd ("BMA"), its partner on Mambare, of its intention to
exercise its pre-emption rights and therefore buy out Corcel's 41% interest in
the Mambare nickel-cobalt project for an equivalent cash consideration to the
battery metals joint venture announced 1(st) March 2023.  This pre-emption
right only covers the Mambare asset and remains subject to further legal
documentation.  The Company is also currently following up on several details
as relates to BMA's acceptance of the Mambare buy-out offer, and will make an
additional announcement on the sale process, expected cash proceeds and the
associated ramifications of the potential buy-out on the agreed Integrated
Battery Metals joint venture that was announced on 1 March 2023 that it will
discuss with the counterparty, when appropriate.

The Company also confirms that, further to the fundraising announced on 28
March 2023, it has received proof of funds having been sent for the initial
£300,000 subscription and is now just awaiting funds to be received in the
UK, which is expected early next week.

 

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.

 

 

 

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