Corcel plc said that the put option agreement over 99m shares of the company, representing 4.87% of the ordinary shares currently in issue, has been exercised with Extractions Premium & Mining Ltd (EXT).
EXT, which currently holding 21.26% of Corcel, will also acquire an additional 100m new ordinary shares of Corcel following a forthcoming general meeting and completion of the 15 April placing.
Following the put option and the placing, EXT is expected to own 631,555,025 shares representing 29.58% of the enlarged share capital of the company.