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.
Corcel PLC
("Corcel"
or the "Company")
Successful Fundraising to
Progress Growth Initiatives
18 February
2025
Corcel Plc
(London AIM: CRCL), the pan Angola-Brazil
focused energy company, is pleased to announce a placing to raise
£2.72m at a 6.7% premium to yesterday's closing price to fund
value-accretive ongoing operational activities across its assets,
business development efforts to increase its interest in the Kwanza
Basin, onshore Angola, and its growth strategy in
Brazil.
Highlights:
o Completion of
an equity funding raising of £2.72m before expenses at a price of
£0.0016 per share from strategic investors with significant
experience in the oil & gas sector
o Placing price
represents approximately a 6.7% premium to the closing price on 17
February 2025
o Net proceeds
enable Corcel to accelerate growth initiatives in Angola and Brazil
and focus on operational actives which will be catalyst for
unlocking value to shareholders
o Video interview
with Corcel CEO Scott Gilbert https://tinyurl.com/2zysbd47
Scott Gilbert,
Corcel's CEO, commented: "This capital injection strengthens
Corcel's financial position and balance sheet, enabling us to
accelerate progress on our key projects with confidence. We are
focused on delivering near-term catalysts that will drive
significant value for our shareholders. The onshore Kwanza Basin in
Angola is rapidly emerging as a highly sought-after region for
energy companies worldwide. As the first London-listed independent
exploration & production company to enter the onshore Kwanza
Basin, we are excited about Corcel's future in the region, the
benefits our first mover advantage bring and the opportunities
ahead in an area we believe has the potential to add significant
material value to our business.
With a clear
strategy in place, the support of our shareholders and an extensive
runway, we look forward to increasing our interest in the Basin,
conducting extensive subsurface studies on our core assets, and
advancing preparations for the upcoming seismic program later this
year. At the same time, we remain committed to delivering on our
broader business plan across Angola and Brazil. We sincerely
appreciate the continued backing of our shareholders and warmly
welcome our new investors as we embark on this next phase of
growth. I look forward to updating the market on our progress in an
exciting year for Corcel."
Fundraising:
The Company will issue 1,698,125,000 new
ordinary shares of £0.0001 each ("Placing Shares") at a price of
£0.0016 per share (the "Fundraising") to raise £2,717,000 before
expenses.
Investors will receive one warrant for each
Placing Share subscribed in the Fundraising (a "Warrant").
Each Warrant will enable the holder to subscribe for one new
ordinary share in the Company at a price of £0.00225 for a period
of twenty-four months. Following an initial six-month period,
an accelerator clause will apply to the Warrants, such that if the
volume weighted average price ("VWAP") of the Company's ordinary
shares on AIM is equal to or exceeds £0.003 for a period of 25
consecutive trading days, then the Company shall have the right,
but not the obligation, to give notice to the warrant holders that
the Warrants must then be exercised within a further 30-day
calendar period.
The Company is also issuing 16,218,750 shares
to its broker, Auctus Advisors LLP, in consideration for its
efforts in organising the Fundraising (the "Fee
Shares").
The Company intends to use the proceeds from
the Fundraising to advance its interests and operations in both
Angola and Brazil. In particular, Corcel intends to increase
its interests in the Kwanza Basin, onshore Angola, and to obtain
new 2D seismic data on its assets in Angola later in
2025.
Total Voting
Rights:
Application will be made for the 1,698,125,000
Placing Shares and the 16,218,750 Fee Shares to be admitted
("Admission") to trading on AIM and it is expected that Admission
will occur on or around 24 February 2025.
Following Admission, the Company confirms that
its total issued share capital will consist of 5,558,678,731
Ordinary Shares, with one voting right per Ordinary Share. The
Company does not hold any Ordinary Shares in treasury. This
figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company pursuant to the
FCA's Disclosure Guidance and Transparency Rules.
For
further information, please contact:
Scott
Gilbert
Corcel Plc CEO &
Director
Development@Corcelplc.com
James Joyce / James Bavister / Andrew de Andrade
Zeus
NOMAD & Broker
020 3829 5000
Jonathan Wright / Rupert Holdsworth
Hunt
Auctus Advisors Joint
Broker
07711 627449
Patrick d'Ancona
Vigo Communications IR
0207 3900 230
About
Corcel:
Corcel has a notable oil and gas
portfolio in onshore Angola that includes brownfield redevelopment
opportunities and significant exploration upside. Corcel marked a
new country entry into Brazil by acquiring rights to producing gas
and exploration assets, further diversifying its portfolio and
enhancing its growth potential.
Corcel's Angola portfolio
consists of interests in three licenses:
·
KON - 16 Operated - 55% working interest - 49.5%
net to CRCL
·
KON - 11 Non-Operated - 20% working interest - 18%
net to CRCL
·
KON - 12 Non-Operated - 25% working interest -
22.5% net to CRCL
Corcel's Brazil portfolio
consists of the option to acquire:
·
20% interest in the IRAI gas field
·
Right-of-first refusal ("ROFR") over the remaining
80% in the IRAI field
·
ROFR for 100% of the adjacent TUC-T-172
exploration block, located in the state of Bahia, onshore
Brazil
Corcel's Battery Metals portfolio
consists of an 80% working interest in the Mt Weld Rare Earth
Elements project in Western Australia.