Director Cash for Equity Swap

RNS Number : 3300O

Corcel PLC

31 January 2023

 

Corcel PLC

("Corcel" or the "Company")

Director Cash for Equity Swap - Directors Dealings - TVR

31 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 that Mr. Parsons, the Company's Chairman, has elected that, rather than draw a monthly cash salary, that he receive his remuneration for the next four months in stock of the Company.

Agreement Details and Directors Dealings

With a view to both reducing the Company's cash burn and ensuring alignment with the Company's shareholders, Mr Parsons, the Company's Chairman, has proposed and the Company has agreed, that his monthly salaries from February 2023 to May 2023 as well as certain historic obligations dating from 2021, will be paid in the form of new ordinary shares in the Company.

Accordingly, 16,910,618 new ordinary shares of the Company have today been issued to Mr Parsons at the closing price on 30 January 2023 of £0.00265. This reflects the net balance of the obligations which are being settled by this agreement.

Following the Agreement, the resultant Directors' shareholdings are as follows:

Directors	Ordinary Shares		Total Shares	% of Issued Share Capital	Warrants	Options
	Direct	Indirect
James Parsons	20,983,997	2,143,100	23,127,097	2.87%	2,381,250	9,587,764

Admission to Trading on AIM and Total Voting Rights

Application is being made to AIM for 16,910,618 shares to be admitted to trading on AIM, the admission of which it is expected on or around 3 February 2023.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Placing Shares its issued ordinary share capital will comprise 805,647,007 ordinary shares.

All of the ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 805,647,007. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.

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      

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.

1		Details of the person discharging managerial responsibilities / person closely associated
a)		Name		James Parsons
2		Reason for the notification
a)		Position/status		PDMR (Executive Chairman)
b)		Initial notification/Amendment		Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name		Corcel plc
b)	LEI		2138009ECXQQ3EGKVY57
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument		Ordinary shares of £0.0001 each
	Identification code		GB00BKM69866
b)	Nature of the transaction		Purchase of ordinary shares
c)	Price(s) and volumes(s)		Price(s)		Volume(s)
			£0.00265		16,910,618
d)	Aggregated information		N/A
	Aggregated volume		N/A
	Price		£0.00265
e)	Date of the transaction		31 January 2023
f)	Place of the transaction		AIMX

 

END

 

 

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