Resource Mining Corporation - Debt Extension

RNS Number : 5193K

Corcel PLC

02 September 2021

 

Corcel PLC

("Corcel" or the "Company")

Resource Mining Corporation - Debt Extension

2 September 2021

Corcel Plc, ("Corcel" or "the Company"), the natural resource exploration and development company with interests in core battery metals and flexible grid solutions, announces that it has extended by one month the repayment date in respect of part of its AUD 4,761,087 debt position in Resource Mining Corporation Limited (ASX: RMI) ("RMI").

As previously announced on 7 April 2020 and on 28 October 2020, Corcel currently holds AUD 4,761,087 of secured debt in RMI, AUD 2,741,087 of which is due for repayment on 30 September 2021, and 2,000,000 of which is due for repayment on 14 January 2022.   The Company has extended the repayment date of the AUD 2,741,087 due on 30 September 2021 to 31 October 2021. 

This is to allow RMI sufficient time to hold its General Meeting following the Company's binding but conditional acquisition (announced 12 August 2021) of 100% of the issued share capital in Australian-registered Niugini Nickel Pty Ltd, which owns 100% of the Wo Wo Gap nickel-cobalt project in Papua New Guinea. As consideration for the acquisition, the Company is releasing all liabilities and obligations in connection with its AUD 4,761,087 senior debt position in RMI.

Further information will be released on these discussions in due course. 

For further information, please contact :

Scott Kaintz  020 7747 9960                                                     Corcel Plc CEO 

James Joyce / Andrew de Andrade   0207 220 1666             WH Ireland Ltd NOMAD & Broker

Simon Woods  0207 3900 230                                                   Vigo Communications IR 

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

 

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