Corcel plc has raised £3.6 million via a subscription with “a number” of its existing strategic investors, for 950m new ordinary shares of £0.0001 each, at a price of £0.004 per share.
TVRs
The company said that the shareholders had made the approach in order to increase their investment at the current market price.
Each placing share carries one warrant to subscribe for one new ordinary share, at a price of £0.007, and is valid until 31 December 2027.
Following admission, Corcel’s issued hare capital will comprise 9,465,475,996 ordinary shares, each with one voting right.
The company does not hold any ordinary shares in treasury.
Net proceeds will fund drilling Corcel’s first exploration well, KON‑16, in the Kwanza Basin in Angola, and potential further acquisitions.