Loan Conversion – TVR

Corcel PLC

29 February 2024

 

Corcel PLC

("Corcel" or the "Company")

Loan Conversion - TVR

29 February 2024

Corcel Plc (London AIM: CRCL), the Angolan focused exploration and production company, announces that it has received notice of the conversion of the balance of its outstanding convertible loan notes as previously announced on 18 September 2023 and again on 2 January 2024. 

Convertible Loan Note Conversion:

The Company has been notified by Extraction Premium and Mining Ltd ("EXT") of the conversion of £750,000 of outstanding loan notes and associated interest into 98,917,808 new ordinary shares of the Company at a price of £0.008 (the "Conversion").  This conversion retires the current balance of the facility in full, with the remainder of the loan potentially available for future drawdown subject to mutual agreement by both parties.

Post conversion, EXT will hold 432,555,025 shares in the business representing 24.37% of the business.    

As previously announced, EXT is 45% owned by the Executive Chairman of Corcel Plc, Antoine Karam, and as such Antoine will indirectly hold 194,649,761 shares post conversion.        

Admission to Trading on AIM and Total Voting Rights:

Application is being made for 98,917,808 Shares to be admitted to trading on AIM, the admission of which it is expected on or around 06 March 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 1,774,794,153 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 1,774,794,153. 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