Corcel plc said that the acceleration clause of the outstanding 1,666,875,000 warrants issued on February 2025, and valued at £3.7 million, had been triggered.
TVRs
A total of 31,250,000 warrants were exercised in June 2025, with the number of warrant exercises to date totalling 1,332,500,000, for £2,998,125.
Of the 1,332,500,000 warrants exercised, 332,500,000 fell under the block admission dated 24 June 2025.
Corcel has applied for a further one billion warrant shares to be admitted to trading on AIM.
The separate 50 million warrants exercised on 24 September 2025 will also be admitted to trading, on completion of documentation.
Following admission and the recent warrant exercises under the block admission, the company’s issued share capital will comprise 7,295,958,138 ordinary shares, each with one voting right.
Chief executive Scott Gilbert said that the investors had exercised their warrants well ahead of the deadline.
“We are confident that the rest of the warrants will be exercised generating the funds for our operational activities as per plan.”
The company’s interests are in oil and gas onshore Angola and Brazil, rare earth elements in Western Australia and cobalt-nickel in eastern Papua New Guinea.