Corcel PLC Debt Restructuring (1774O)
30 1월 2023 - 4:00PM
UK Regulatory
TIDMCRCL
RNS Number : 1774O
Corcel PLC
30 January 2023
Corcel PLC
("Corcel" or the "Company")
Debt Restructuring
30 January 2023
Corcel Plc (London AIM: CRCL), the natural resource exploration
and development company, with interests in battery metals including
nickel, cobalt, vanadium and rare earth elements, announces the
successful refinancing of its debt obligations totalling GBP673,348
of principal and interest, originally announced on 14 December
2021, and most recently updated on 25 January 2023.
Scott Kaintz, CEO of Corcel commented:
"The conclusion of a very constructive negotiation with our
long-term lenders has resulted in an excellent outcome for the
Company, which has now cleared its immediate and mid-term debt
obligations and given Corcel a solid runway to advance its mineral
exploration projects, with the initial focus on the forthcoming
work programme at Mt. Weld."
Debt Restructuring
The Company has agreed with its lenders, Riverfort Global
Opportunities PCC Limited and YA II PN Ltd, to make a cash payment
of GBP235,671 (the "Repayment") in the coming three months. A 5%
refinancing fee will be added to the outstanding balance, and
following the refinancing and Repayment a new principal amount of
GBP471,343 will remain.
This new balance will be subject to a twelve-month repayment
holiday and then repaid in eight equal monthly instalments starting
in February 2024. The balance of the loan will carry a 6% annual
interest rate and will be convertible at a fixed price of GBP0.004
per share, a 54% premium to the closing price on 27 January 2023
and the entry price of the Company's recent new cornerstone
investor.
The Company retains the right to repay the loan early in cash,
subject to a 5% early repayment fee.
For further information, please contact:
Scott Kaintz Corcel Plc CEO
020 7747 9960
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
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January 30, 2023 02:00 ET (07:00 GMT)
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