Corcel PLC
("Corcel"
or the "Company")
Funding
Update
23 February
2024
Further to the announcements
of 18 September 2023 and 2 January 2024, Corcel Plc
(London AIM: CRCL) provides an update on its unsecured convertible
loan note facility. The facility has the potential to extend
£10,000,000 of funding to the Company, attracts a 12% interest rate
per annum and is convertible into new ordinary shares over the
three-year life of the notes at a fixed price of
£0.008.
To date, £1,000,000 has been drawn
down from the facility with £250,000 of this subsequently converted
into equity as announced on 2 January 2024.
The Company is currently in
discussions with the lender, Extraction Srl, around the quantum and
timing of the next drawdown against the facility, and the Company
will update the markets on these discussions in due course.
The Company expects the proceeds of this drawdown to fund its
ongoing activities in the Kwanza Basin, Angola.
Extraction Srl is 45% owned by the
Executive Chairman of Corcel Plc, Antoine Karam.
For
further information, please contact:
Antoine
Karam
Corcel Plc Executive
Chairman
Development@Corcelplc.com
James Joyce / James Bavister /Andrew de Andrade
WH Ireland Ltd NOMAD &
Broker
0207 220 1666
Patrick d'Ancona
Vigo Communications IR
0207 3900 230
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014
which is part of UK law by virtue of the European Union
(withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.