Corcel plc has raised £1,299,750 via a 37% premium placing, including an investment from one of its directors, cornerstone shareholder Extraction Srl and other institutional investors.
USES
The company issued 259,950,000 new ordinary shares of £0.0001 at a price of £0.005 per share with one-for-one warrants at £0.01 per share, valid for 24 months.
Extraction Srl invested £500,000 for 100m new ordinary shares and Corcel’s MD Angola and chief commercial officer Geraldine Geraldo invested £199,875.
Following the issue of the first tranche and before the general meeting Ms Geraldo will hold 79,175,000 shares, representing 3.89% of the issued share capital, with 31,490,580 options.
On completion of the fundraise, Extraction Srl will hold 25% interest in Corcel. Company chairman Antoine Karam owns 45% of Extraction Srl.
Proceeds will mainly go towards the company’s onshore Angola operations which need additional funding earlier than expected partly due to delays and costs caused by severe weather.
Corcel will issue the new ordinary shares in two tranches to be settled immediately and after the forthcoming general meeting.
On admission of the first tranche of shares, comprising 159,950,000 new ordinary shares, the company’s total issued share capital will consist of 2,034,744,153 ordinary shares, each with one voting right. Corcel holds no shares in treasury.
Following repayment of the original outstanding loan from Extraction Premium and Mining Ltd from 18 September 2023, Corcel has also ended talks on further debt.
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