REG - Corcel PLC - Wowo Gap Project : Initiation of Farm Out Process

CorcelAnnouncement

22/03/2022 07:00

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RNS Number : 5201F  Corcel PLC  22 March 2022

 

Corcel PLC

("Corcel" or the "Company")

 

Wowo Gap Nickel Project : Initiation of Farm Out Process

 

22 March 2022

 

Corcel, the natural resource exploration and development company with
interests in battery metals and flexible energy generation and storage is
pleased to announce that, following recent positive structural changes in the
Nickel market, it has engaged a North American based investment bank to market
its Wowo Gap nickel/cobalt project for potential farm outs or other funding
solutions.  The Company currently holds a 100% interest in the Wowo gap
project.

Advisor Engagement

Following recent nickel price movements, an approach by the bank and in
anticipation of wider market interest, the Company has appointed a North
American investment bank to facilitate a potential farm out of the Wowo Gap
project, either through a direct equity investment into the project or
corporate funding solution.  The Company believes that it is the right time
to accelerate development of the project and that bringing in project capital
and potentially a minority partner will facilitate these goals.

The Company also believes that assets such as the Company's Wowo Gap and
Mambare projects are now rising to the forefront of global investor interest,
as users of nickel look to secure reliable sources of supply.  The Company
looks to aggressively advance the timelines of the Wowo gap project in order
to capitalize on these conditions.

About the Wowo Gap Project

The Project is located 200km from the Papua New Guinea capital of Port Moresby
and some 150km southeast of the Company's Mambare nickel/cobalt asset. Initial
exploration at the project was begun in the 1950s and has consisted of
multiple drilling programmes, including diamond drilling, wacker holes and
ground penetrating radar activities.  Corcel acquired a 100% interest in the
project in 2021 and is currently upgrading the JORC resource to the 2012
standard and conducting a Gap Analysis in preparation for a Bankable
Feasibility Study and Mining Lease application.

The Project is held through one tenement in Papua New Guinea, EL 1165, which
expired on 28 February 2020 and is currently under reapplication for a further
2-year period.

AIM Application - Correction

The Company issued 23,711,018 shares as announced to the Market on 17 November
2020. Whilst the shares were issued by the Company and the issued share
capital is correctly reported by the Company, the Company's nominated advisor
at the time erroneously did not submit the application to AIM in respect of
the issue of these shares. The Company therefore advises that application has
been made today for the admission of these new Ordinary shares, which when
issued will rank pari passu with the existing ordinary shares in issue, to be
admitted to trading on AIM, which is expected to be on or around 25 March
2022.  This does not change the issued share capital of the Company as
previously announced, which as at 29 March 2022 will comprise of 437,686,666
Ordinary shares.

Scott Kaintz 020 7747 9960
                                   Corcel Plc CEO

James Joyce / Andrew de Andrade 0207 220 1666
                WH Ireland Ltd NOMAD & Broker

Simon Woods 0207 3900
230
                                Vigo Consulting
IR

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU, which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed
in accordance with the Company's obligations under Article 17.

 

 

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