Fundraising Update

Corcel PLC

13 May 2024

 

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

[e-mail]              

Scott Gilbert                                                                                         Corcel Plc CEO

[e-mail]                                                                              

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.

 

END