REG - Corcel PLC - Option Agreement

CorcelAnnouncement

29/02/2024 15:45

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RNS Number : 0314F  Corcel PLC  29 February 2024

 

Corcel PLC

("Corcel" or the "Company")

Option Agreement

29 February 2024

Corcel Plc (London AIM: CRCL), the Angolan-focused exploration and production
company, announces that it has been notified that Extractions Premium &
Mining Ltd. ("EXT"), which currently holds a 24.37% interest in Corcel, has
entered into a Call Option Agreement (the "Option") with Richard Jennings
("RJ").

Under the terms of this agreement, EXT has the right from 1 March 2024 until 1
June 2024, to purchase up to 99,000,000 ordinary shares of the Company from
RJ, representing 5.58% of the ordinary shares currently in issue, at a price
of £0.012 per share.  This price represents a 37% premium to the most recent
closing price of the Company's shares.

The Option contains an auto-exercise function, such that it will be deemed to
have been exercised if the shares trade over £0.015 as measured on a VWAP
basis for five consecutive trading days and in an aggregate minimum volume of
20,000,000 shares.

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.

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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