Corcel PLC Sale of Wowo Gap Nickel Project (3917C)
12 6월 2023 - 5:13PM
UK Regulatory
TIDMCRCL
RNS Number : 3917C
Corcel PLC
12 June 2023
Corcel PLC
("Corcel" or the "Company")
Sale of Wowo Gap Nickel Project
12 June 2023
Corcel Plc (London AIM: CRCL), the pan Angolan / Brazilian Oil
and Gas company, with interests across battery metals mining and
oil and gas announces that it is formally disputing the previously
announced pre-emption of Mambare and that it has further sold its
100% interest in the Wowo Gap nickel project in Papua New Guinea,
to Integrated Battery Metals Pte Ltd. ("IBM") for up to US$2.8M.
This agreement supersedes that covering the battery metals joint
venture previously announced on 1 March 2023, as the joint venture
parties have agreed to re-organise the transaction into two
separate sale transactions given the recent Angolan oil
acquisition.
Highlights:
o IBM to purchase Corcel's 100% interest in Niugini Nickel Pty
Ltd, direct holder of EL 1165 in Papua New Guinea and the sole
license owner of the Wowo Gap nickel-cobalt project for up to
US$2.8M, of which:
o US$500,000 to be paid at completion net of costs already
incurred by IBM under the carried interest previously announced
o a further US$900,000 to be paid 24 months from completion
o a final US$1.4m payment payable as a profit share from the
first $2.8M of production at the project
o Continues the disposal of the Company's historic mining assets
as it continues its pivot to oil and gas
Corcel Chief Executive Officer, Scott Kaintz commented:
"Building on our recent agreements with IBM, who have been
effectively operating Wowo Gap since January, this agreement splits
the sale of Wowo Gap from that of Mambare and allows a key part of
the original transaction to proceed independently from the disputed
pre-emption on Mambare."
Transaction Summary
The Company has agreed to sell a 100% interest in Niugini Nickel
Pty Ltd, holder of EL 1165 and the Wowo Gap nickel-cobalt project.
Consideration for the transaction will consist of four main
parts:
o US$500,000 payable upon completion to be netted off against
historic operating costs paid by IBM on behalf of Corcel during the
course of 2023
o US$900,000 payable to Corcel 24 months following
completion
o US$1.4m payment structured as a profit share to be paid out of
the first cumulative net profits of US$2.8M of the project's
production
o A 5% commission payable to Corcel for any investment or
farm-in partners introduced to Niugini Nickel by Corcel for a
period six months after completion
The Company's interest in Niugini Nickel was most recently held
in the interim balance sheet at GBP1.3m and the attributable losses
for the year ended 30 June 2022 were approximately GBP170,000.
For further information, please contact:
Scott Kaintz Corcel Plc CEO
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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END
DISUURWROKUNARR
(END) Dow Jones Newswires
June 12, 2023 04:13 ET (08:13 GMT)
Corcel (AQSE:CRCL.GB)
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