Exploration & Mining Finance News

Corcel completes debt restructuring to focus on Mt Weld

Corcel plc said it had refinanced its debt totalling £673,348 with lenders Riverfort Global Opportunities PCC Ltd and YA II PN Ltd.

REEs: the company now has a solid runway to advance its mineral exploration projects (Pixabay – generic)

REPAYMENTS

The company will pay £235,671 cash in the coming three months and a 5% refinancing fee will be added to the outstanding balance.

The remaining £471,343 will be subject to a twelve-month repayment holiday before Corcel repays the sum in eight equal monthly instalments from 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.

Corcel said it retained the right to repay the loan early in cash, subject to a 5% early repayment fee.

PROGRAMME

Chief executive Scott Kaintz added that the company now had a “solid runway” to advance its mineral exploration projects, with the initial focus on the forthcoming work programme at Mt. Weld rare earth elements project near Laverton in Western Australia.