Corcel PLC
("Corcel"
or the "Company")
Interests
of Extraction Srl and Extractions Premium & Mining
Ltd
23 February
2024
As previously disclosed, Antoine
Karam, the Executive Chairman of the Company, has an indirect
interest in 333,637,217 ordinary shares in the capital of the
Company ("Ordinary Shares"), 211,102,900 warrants over Ordinary
Shares ("Warrants") and the outstanding principal amount of
£750,000 of convertible loan notes issued by the Company on 18
September 2023 (the "Loan Notes") which together are held by
Extraction Srl and Extractions Premium & Mining Ltd
("EPM").
Mr Karam has a 45% interest in
Extraction Srl, an Italian company, which in turn holds 100% of the
issued shares of EPM, an English company. Mr Karam and Giovanni
Colangelo are the directors of EPM, and Mr Colangelo is the sole
director of Extraction Srl. Extraction Srl and EPM are investment
companies that were formed in 2023 with a mandate to make
investments across the natural resources sector.
The Company has been formally
notified that, in view of Mr Karam's position on the Board of
Directors of Corcel, Mr Karam and Mr Colangelo as directors of EPM
have resolved that Mr Karam will recuse himself from any
consideration or decision by EPM in relation to any dealings in
Ordinary Shares in Corcel or the exercise of any of the Warrants or
Loan Notes, with the consideration of any such dealings or
exercise, and any decisions in relation to such dealings or
exercise, being made solely by Mr Colangelo without discussion or
consultation with Mr Karam.
The Company understands that, as Mr
Karam is not on the board of Extraction Srl, any decisions by that
company in relation to its investments can be made solely by Mr
Colangelo.
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.