Re RMI Nickel Project Acquisition

RNS Number : 5375O

Corcel PLC

10 February 2021

 

Corcel PLC

("Corcel" or the "Company")

Resource Mining Corporation: Nickel Project Acquisition

10 February 2021

Corcel Plc, ("Corcel" or "the Company"), the natural resource exploration and development company with interests in battery metals and flexible grid solutions, announces further to the RNS of 17 November 2020, an update in relation to its investment in Resource Mining Corporation Ltd. ("RMI").   

RMI made the following announcement today to the Australian Stock Exchange (ASX), the full text of which is also available at www.tinyurl.com/57fd6zaw . 

  "Nickel Project Acquisition - Tanzania"

Resource Mining Corporation Limited (ASX:RMI) is pleased to announce that it has expanded its nickel portfolio by acquiring a controlling interest in a nickel project in Tanzania. 

RMI's Chairman, Mr. William Mackenzie, said "While the Wowo Gap project in PNG has been the focus for RMI, the expansion into Tanzania with the acquisition of the prospective KNP represents a significant step forward for the Company."

Completion of the acquisition is subject to RMI completing due diligence and is expected to occur within the next week. 

Further Information:

RMI is the 100% owner of the Wowo Gap nickel/cobalt project located 250km from the Company's existing Mambare nickel/cobalt project in Papua New Guinea.  Corcel owns a AUD 4.76m senior debt position in RMI repayable in in September 2021 and January 2022. 

For further information, please contact:

Scott Kaintz   020 7747 9960              CEO   Corcel   Plc

Roland Cornish/ Rosalind Hill Abrahams   020 7628 3396     NOMAD   Beaumont Cornish Limited

Thomas Smith   020 7392 1432                                                     Broker   Monecor (London) Ltd (ETX Capital)

Simon Woods   0207 3900 230        IR   Vigo Communications     

This announcement contains inside information under Article 7 of Regulation (EU) 596/2014 .  

 

END

 

 

ACQFFFLIFIIAIIL