Corcel PLC
("Corcel"
or the "Company")
Loan
Conversion - TVR
29 February
2024
Corcel Plc
(London AIM: CRCL), the Angolan focused
exploration and production company, announces that it has received notice of the conversion of the
balance of its outstanding convertible loan notes as previously
announced on 18 September 2023 and again on 2 January
2024.
Convertible Loan Note Conversion:
The Company has been notified by
Extraction Premium and Mining Ltd ("EXT") of the conversion of
£750,000 of outstanding loan notes and associated interest into
98,917,808 new ordinary shares of the Company at a price of £0.008
(the "Conversion"). This conversion retires the current
balance of the facility in full, with the remainder of the loan
potentially available for future drawdown subject to mutual
agreement by both parties.
Post conversion, EXT will hold
432,555,025 shares in the business representing 24.37% of the
business.
As previously announced, EXT is 45%
owned by the Executive Chairman of Corcel Plc, Antoine Karam, and
as such Antoine will indirectly hold 194,649,761 shares post
conversion.
Admission to Trading on AIM and Total Voting
Rights:
Application is being made for
98,917,808 Shares to be admitted to trading on AIM, the admission
of which it is expected on or around 06 March 2024.
In accordance with the provision of
the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority, the Company confirms that, following the issue
of the Shares, its issued ordinary share capital will comprise
1,774,794,153 ordinary shares.
All of the ordinary shares have
equal voting rights and none of the ordinary shares are held
in Treasury. The total number of voting rights in the Company
will therefore be 1,774,794,153. The above figure may be used by
shareholders as the denominator for the calculations to determine
if they are required to notify their interests in, or change to
their interest in, the Company.
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.