Debt Restructuring

RNS Number : 1774O

Corcel PLC

30 January 2023

 

Corcel PLC

("Corcel" or the "Company")

Debt Restructuring

30 January 2023

Corcel Plc (London AIM: CRCL), the natural resource exploration and development company, with interests in battery metals including nickel, cobalt, vanadium and rare earth elements, announces the successful refinancing of its debt obligations totalling £673,348 of principal and interest, originally announced on 14 December 2021, and most recently updated on 25 January 2023. 

Scott Kaintz, CEO of Corcel commented:

"The conclusion of a very constructive negotiation with our long-term lenders has resulted in an excellent outcome for the Company, which has now cleared its immediate and mid-term debt obligations and given Corcel a solid runway to advance its mineral exploration projects, with the initial focus on the forthcoming work programme at Mt. Weld." 

Debt Restructuring

The Company has agreed with its lenders, Riverfort Global Opportunities PCC Limited and YA II PN Ltd, to make a cash payment of £235,671 (the "Repayment") in the coming three months.  A 5% refinancing fee will be added to the outstanding balance, and following the refinancing and Repayment a new principal amount of £471,343 will remain. 

This new balance will be subject to a twelve-month repayment holiday and then repaid in eight equal monthly instalments starting in February 2024. The balance of the loan will carry a 6% annual interest rate and will be convertible at a fixed price of £0.004 per share, a 54% premium to the closing price on 27 January 2023 and the entry price of the Company's recent new cornerstone investor. 

The Company retains the right to repay the loan early in cash, subject to a 5% early repayment fee.   

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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