Corcel plc has issued 50 million new ordinary shares following the exercise of 50m warrants at £0.005 per share for £250,000, at a premium to the prevailing share price.
TVRs
Charlestown Energy Partners, certain Corcel directors and other private investors gave notice of the warrants exercise.
The 50m warrants exercised, originally issued on 17 October 2022, were transferred by Shandong New Powder COSMO (SNPC) to incoming investors, including Corcel directors, who exercised them immediately.
Corcel also agreed to extend the expiry date of a further 116,500,000 warrants, exercisable at the same price, originally issued to SNPC, from 12 December 2025 to 12 December 2026.
The company additionally allowed the transfer of 75m of the extended warrants to the investors who exercised the warrants.
Corcel noted that one of its directors Yan Zhao indirectly owns 48% of SNPC.
Corcel directors who participated included chief executive officer Scott Gilbert, who exercised 2m warrants and received 3m extended warrants.
Mr Gilbert now holds 86,307,770 shares, 31,490,580 options and 3m warrants.
Chief commercial and strategy officer Geraldine Geraldo exercised 2m warrants and received 3m extended warrants.
Ms Geraldo now has 125,498,529 shares, 31,490,580 options and 42,975,000 warrants.
Non-executive director Yan Zhao exercised 2m warrants and received 3m extended warrants, taking his interest to 46,220,353 shares and 3m warrants.
SNPC retained 41.5m of the extended warrants.
All other terms of the extended warrants remain unchanged.
Following admission of the 50m warrant shares, Corcel’s issued share capital will comprise 5,963,458,138 ordinary shares, each with one voting right.
Corcel owns interests in oil and gas onshore Angola and Brazil, rare earth elements in Western Australia and nickel-cobalt in eastern Papua New Guinea.