Corcel PLC
("Corcel"
or the "Company")
Fundraising Update
13 May 2024
Corcel Plc (London AIM:
CRCL), the
Angolan-focused exploration and production company, announces an
update to the settlement of its previously announced
fundraising.
The Company confirms that, further
to the fundraising announced on 15 April 2024, it has received
£399,750 in cash to date and accordingly will now issue 79,950,000
of Tranche I shares, including 39,975,000 shares to Corcel
Director, Geraldine Geraldo. In addition, the Company will issue
79,950,000 warrants in respect of Tranche I.
The Company also confirms that it
expects the balance of the Tranche I funds, £400,000, and the
Tranche II funds, £500,000, to be received in due course, and will
update the market on completion of these tranches of the Placing
when appropriate to do so.
Total Voting Rights:
Application has been made for the
79,950,000 Tranche I Shares, consisting to be admitted to trading
on AIM and it is expected that their admission to AIM will take
place on or around 14 May 2024 ("Admission").
Following Admission, the Company's
total issued share capital will consist of 1,954,744,153 Ordinary
Shares, with one voting right per share. The Company does not hold
any shares in treasury. Therefore, the total number of Ordinary
Shares and voting rights in the Company will be 1,954,744,153 from
Admission. This figure may be used by shareholders in the Company
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company
pursuant to the FCA's Disclosure Guidance and Transparency
Rules.
Further updates will be provided on
the Total Voting Rights on completion of Tranches I and II of the
Fundraising.
For
further information, please contact:
Antoine
Karam
Corcel Plc Executive
Chairman
Development@Corcelplc.com
Scott Gilbert
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
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.