Joint Venture Pre-emption - Funding Update

RNS Number : 3162W

Corcel PLC

14 April 2023

 

14 April 2023

Corcel PLC

("Corcel" or the "Company")

Battery Metals Joint Venture Pre-emption - Funding Update

Corcel Plc (London AIM: CRCL), the extractive industries exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements, announces that it has been notified by Battery Metals Pty Ltd ("BMA"), its partner on Mambare, of its intention to exercise its pre-emption rights and therefore buy out Corcel's 41% interest in the Mambare nickel-cobalt project for an equivalent cash consideration to the battery metals joint venture announced 1^st March 2023.  This pre-emption right only covers the Mambare asset and remains subject to further legal documentation.  The Company is also currently following up on several details as relates to BMA's acceptance of the Mambare buy-out offer, and will make an additional announcement on the sale process, expected cash proceeds and the associated ramifications of the potential buy-out on the agreed Integrated Battery Metals joint venture that was announced on 1 March 2023 that it will discuss with the counterparty, when appropriate.   

The Company also confirms that, further to the fundraising announced on 28 March 2023, it has received proof of funds having been sent for the initial £300,000 subscription and is now just awaiting funds to be received in the UK, which is expected early next week.

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.

 

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