TIDMCRCL
RNS Number : 2998Y
Corcel PLC
12 May 2021
Corcel PLC
("Corcel" or the "Company")
Warrant Exercise - Debt Repayment - Debt Funding - TVR
12 May 2021
Corcel Plc, ("Corcel" or "the Company"), the natural resource
exploration and development company with interests in battery
metals and flexible grid solutions, announces the exercise of
warrants, the retirement of the existing loan facility and the
signature of a new debt facility.
Chief Executive Officer, Scott Kaintz commented: "The retirement
of the February 2021 loan facility and the installation of a larger
note provides supportive ongoing access to capital for Corcel as it
continues to advance its battery metal interests in Australasia and
Canada as well as its flexible energy storage and production
projects in the UK. It is excellent to see our strategy beginning
to show clear and tangible results, and we thank our lenders and
all stakeholders for their ongoing support."
Warrant Exercise and Loan Repayment
The Company has received notice of the exercise of 23,076,924
warrants at an exercise price of GBP0.013 per share, for gross
proceeds of GBP300,000. GBP200,000 of these proceeds have been
credited to the Company's account with the balance having been
netted off and utilized to repay in full the loan facility
originally announced on 18 February 2021. Accordingly, the Company
has issued 23,076,924 new ordinary shares of GBP0.0001 each
("Ordinary Shares") in the Company. The interest due on this loan
has also been repaid through the issuance of an additional
1,846,152 new Ordinary Shares to the lenders, with this loan
facility now completely retired.
New Debt Facility
The Company has agreed a Loan Note Facility ("Loan Facility")
arranged by Align Research Limited (the "Lender") to provide, in
aggregate, GBP500,000 through an unsecured loan facility, for
working capital purposes in support of the execution of the
Company's Flexible Grid Solutions and battery metals strategy.
The Loan Facility, which is aimed at reducing dilution at
current prices, provides for the loan ("Loan") to be drawn down in
5 tranches being GBP100,000 on 1 July 2021, 1 Aug, 1 Sept, 1 Oct
and 1 Nov respectively. The Loan plus a fixed coupon of 8% is
repayable in full on maturity (except where the Lenders request
part or all of the Loan and any coupon to be utilised in paying for
the warrants), which is 31 April 2022 (the "Repayment Date").
As part of the Loan Facility, the Company will issue a total of
25,000,000 warrants with a GBP0.02 strike price expiring on 31
December 2021 and a total of 20,000,000 three-year warrants with a
GBP0.025 strike price to the Lender (together the "Warrants"). The
coupon is repayable in either cash or shares at the Lender's
discretion, and if in shares at a price of GBP0.02 per share.
Should the Warrants be exercised in whole or part during the
term of the Loan Facility it has been agreed that the Warrant
payment proceeds will be netted off against the repayment of the
pro-rata drawn Loan Facility. In the event of the Warrants being
exercised during this period the full 8% Loan Facility interest
will be payable in shares ("Interest Shares") at a price of GBP0.02
per share.
If the entirety of the Warrants are exercised, this would result
in an additional 45,000,000 Warrant shares and 2,000,000 Interest
Shares ultimately being issued.
If the Company undertakes a new placing of ordinary shares
before 30 December 2021, then new two-year warrants with a value of
GBP300,000 will be issued to the lenders with an exercise price set
at the price of the relevant placing. An arrangement fee of
1,200,000 new ordinary shares has been paid to Align Research
Limited under the terms of the Loan Facility.
Admission to trading on AIM
Application is being made to AIM of London Stock Exchange for
26,123,076 new Ordinary Shares to be admitted to trading on AIM,
which will rank pari passu with the Company's existing issued
ordinary shares. Dealings are expected to commence on or around 18
May 2021.
Total Voting Rights
Following the issue of the 26,123,076 new Ordinary Shares, the
issued share capital of the Company consists of 383,670,608
ordinary shares of GBP0.0001 each with voting rights. No ordinary
shares are held in Treasury.
The above figure of 383,670,608 may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in the Company under the Disclosure and Transparency
Rules.
For further information, please contact:
Scott Kaintz 020 7747 9960 CEO Corcel Plc
Roland Cornish/ Rosalind Hill Abrahams 020 7628 3396 NOMAD Beaumont Cornish Limited
Thomas Smith 020 7392 1432 Broker Monecor (London) Ltd (ETX
Capital)
Simon Woods 0207 3900 230 IR Vigo Communications
This announcement contains inside information under Article 7 of
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
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END
IODEAASFFLXFEAA
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