Corcel plc has raised £1.1 million through a placing of 323,529,407 new ordinary shares of £0.0001 each at £0.0034 per share from a new and existing institutional investors.
DIRECTORS
Proceeds will go towards a 2D seismic programme during the third quarter of this year at the company’s operated KON-16 block, onshore Angola.
New investor Toronto-based Purpose Global Resource Fund at Purpose Unlimited Inc. led the placing, while Charlestown Energy Partners in New York City made a further investment.
Charlestown CEO Robert Bose is also a non-executive director of Challenger Energy which agreed earlier this year to sell its Trinity and Tobago operations to Predator Oil & Gas plc (51%) and West Indian Energy Group Ltd (49%).
Corcel’s chief executive officer Scott Gilbert and executive director Geraldine Geraldo each subscribed for 8,823,529 ordinary shares for £30,000 and now hold 84,307,770 and 123,498,529 shares, respectively.
Independent non-executive chairman Pradeep Kabra also subscribed for 8,823,529 ordinary shares for £30,000, taking his holding to 32,934,115 shares.
Mssrs Gilbert and Kabra and Ms Geraldo also each hold 31,490,580 share options and Ms Geraldo holds 39,975,000 warrants.
Independent NED Andrew Fairclough subscribed for 4,411,764 ordinary shares for £15,000 and now owns 17,972,625 shares.
The board members taking part collectively subscribed for 9.6% of the total amount raised.
Corcel has limited authority to issue 323,529,407 new ordinary shares and will request shareholders’ approval at a general meeting.
Following admission, the company’s total issued share capital will consist of 5,913,458,138 ordinary shares, each with one voting right.
Corcel does not hold any ordinary shares in treasury.