Corcel PLC Director Cash for Equity Swap (3300O)
January 31 2023 - 1:00AM
UK Regulatory
TIDMCRCL
RNS Number : 3300O
Corcel PLC
31 January 2023
Corcel PLC
("Corcel" or the "Company")
Director Cash for Equity Swap - Directors Dealings - TVR
31 January 2023
Corcel Plc (London AIM: CRCL), the natural resource exploration
and development company, with interests in battery metals including
nickel, cobalt, vanadium and rare earth elements, announces that
Mr. Parsons, the Company's Chairman, has elected that, rather than
draw a monthly cash salary, that he receive his remuneration for
the next four months in stock of the Company.
Agreement Details and Directors Dealings
With a view to both reducing the Company's cash burn and
ensuring alignment with the Company's shareholders, Mr Parsons, the
Company's Chairman, has proposed and the Company has agreed, that
his monthly salaries from February 2023 to May 2023 as well as
certain historic obligations dating from 2021, will be paid in the
form of new ordinary shares in the Company.
Accordingly, 16,910,618 new ordinary shares of the Company have
today been issued to Mr Parsons at the closing price on 30 January
2023 of GBP0.00265. This reflects the net balance of the
obligations which are being settled by this agreement.
Following the Agreement, the resultant Directors' shareholdings
are as follows:
Directors Ordinary Shares Total % of Issued Warrants Options
Shares Share Capital
Direct Indirect
--------------- ----------- ---------- ----------- --------------- ---------- ----------
James Parsons 20,983,997 2,143,100 23,127,097 2.87% 2,381,250 9,587,764
--------------- ----------- ---------- ----------- --------------- ---------- ----------
Admission to Trading on AIM and Total Voting Rights
Application is being made to AIM for 16,910,618 shares to be
admitted to trading on AIM, the admission of which it is expected
on or around 3 February 2023.
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 Placing Shares its issued
ordinary share capital will comprise 805,647,007 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 805,647,007. 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:
Scott Kaintz Corcel Plc CEO
020 7747 9960
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.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name James Parsons
----------------------------------------- ----------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status PDMR (Executive Chairman)
----------------------------------------- ----------------------------------
b) Initial notification/Amendment Initial Notification
----------------------------------------- ----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name Corcel plc
-------------------------------------- -----------------------------------
b) LEI 2138009ECXQQ3EGKVY57
-------------------------------------- -----------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
---------------------------------------------------------------------------
a) Description of the financial Ordinary shares of GBP0.0001
instrument, type of instrument each
-------------------------------------- -----------------------------------
Identification code GB00BKM69866
-------------------------------------- -----------------------------------
b) Nature of the transaction Purchase of ordinary shares
-------------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
-------------------------------------- ----------------- ----------------
GBP0.00265 16,910,618
----------------- ----------------
d) Aggregated information N/A
-------------------------------------- -----------------------------------
Aggregated volume N/A
-------------------------------------- ----------------------------------------
Price GBP0.00265
-------------------------------------- ----------------------------------------
e) Date of the transaction 31 January 2023
-------------------------------------- -----------------------------------
f) Place of the transaction AIMX
-------------------------------------- -----------------------------------
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END
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