Loan Conversion, Directors Dealings and TVR

Corcel PLC

02 January 2024

 

Corcel PLC

("Corcel" or the "Company")

Loan Conversion - Directors Dealings - TVR

2 January 2024

Corcel Plc (London AIM: CRCL), the Angolan focused exploration and production company, announces that it has received notice of the conversion of a portion of its outstanding convertible loan notes as originally announced on 18 September 2023. 

Convertible Loan Note Conversion:

The Company has been notified of the conversion of £250,000 of outstanding loan notes and associated interest from its lender, Extractions Premium & Mining Ltd ("EXT"), into 32,061,643 new ordinary shares of the Company at a price of £0.008 (the "Conversion").  The principal balance of the convertible loans note following conversion is £750,000. 

As previously announced, EXT is 45% owned by the Executive Chairman of Corcel Plc, Antoine Karam.      

Directors Dealings:

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

Director	Ordinary Shares		Total Shares	% of Issued Share Capital	Options	Warrants
	Direct	Indirect
Antoine Karam	-	150,136,747	150,136,747	8.99%	-	94,996,305

Admission to Trading on AIM and Total Voting Rights:

Application is being made for 32,061,643 Shares to be admitted to trading on AIM, the admission of which it is expected on or around 08 January 2024.

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 Shares, its issued ordinary share capital will comprise 1,670,876,345 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 1,670,876,345. 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:

Antoine Karam                                                                        Corcel Plc Executive Chairman

[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