REG - Corcel PLC - Loan Conversion – TVR

CorcelAnnouncement

29/02/2024 07:15

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RNS Number : 8740E  Corcel PLC  29 February 2024

 

Corcel PLC

("Corcel" or the "Company")

Loan Conversion - TVR

29 February 2024

Corcel Plc (London AIM: CRCL), the Angolan focused exploration and production
company, announces that it has received notice of the conversion of the
balance of its outstanding convertible loan notes as previously announced on
18 September 2023 and again on 2 January 2024.

Convertible Loan Note Conversion:

The Company has been notified by Extraction Premium and Mining Ltd ("EXT") of
the conversion of £750,000 of outstanding loan notes and associated interest
into 98,917,808 new ordinary shares of the Company at a price of £0.008 (the
"Conversion").  This conversion retires the current balance of the facility
in full, with the remainder of the loan potentially available for future
drawdown subject to mutual agreement by both parties.

Post conversion, EXT will hold 432,555,025 shares in the business representing
24.37% of the business.

As previously announced, EXT is 45% owned by the Executive Chairman of Corcel
Plc, Antoine Karam, and as such Antoine will indirectly hold 194,649,761
shares post conversion.

Admission to Trading on AIM and Total Voting Rights:

 

Application is being made for 98,917,808 Shares to be admitted to trading on
AIM, the admission of which it is expected on or around 06 March 2024.

 

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
1,774,794,153 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 1,774,794,153. 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
 

 

 

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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.

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