Corcel PLC
("Corcel"
or the "Company")
Put
Option Execution and Placing Update
23 April
2024
Corcel Plc
(London AIM: CRCL), the Angolan-focused
exploration and production company, announces that in reference to
the previous announcement of 16 April 2024, it has been notified by
Richard Jennings ("RJ") of the immediate exercise of the Put Option
Agreement over 99,000,00 shares of Corcel Plc, representing 4.87%
of the ordinary shares currently in issue, with Extractions Premium
& Mining Ltd. ("EXT"), which currently holds a 21.26% interest
in Corcel.
Corcel Executive Chairman, Antoine Karam,
commented: "The acquisition of this
material stake in Corcel demonstrates continued ongoing support by
our cornerstone investors in Corcel and its prospects, and removes
any notion of a material overhang in the Company's shares. We
thank Richard Jennings for his ongoing support of our development
during this key period as we continue to advance our business
interests in Angola."
Richard Jennings - Investor, commented:
"I am very
pleased that under the stewardship of Antoine Karam the trajectory
and prospects of Corcel have been completely transformed with the
new focus on the Company's Angolan oil fields. I and Catalyse
Capital have provided support to Corcel for the last few years and
we wish all shareholders every success in the Company's activities
in Angola"
The Company also confirms, that
further to the Placing (the "Placing") announced on 15 April 2024,
the Company has received funds from one investor, has confirmed a
bank transfer is in progress by Executive Director Geraldine
Geraldo, and understands that a third investor is currently dealing
with bank related administrative approvals in Angola in order to
facilitate their transfer.
EXT will also acquire an additional
100,000,000 new ordinary shares of Corcel following a forthcoming
General Meeting ("GM") and completion of the Placing.
Following the Put Option and the Placing, Extractions Premium &
Mining Ltd is expected to own 631,555,025 shares representing
29.58% of the enlarged share capital of the
Company.
The Company will provide further
updates on settlement of the Placing and the timing of the GM in
due course.
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.