(Alliance News) - Corcel PLC on Thursday said it has raised GBP300,000 through the issue of 24 million shares at GBP0.0125 each.
Shares in the natural resources explorer and developer focused on battery metals were trading 4.2% higher at 1.25p each, giving it a market capitalisation of GBP3.5 million.
Corcel's enlarged share capital will total 321.4 million shares.
Chair James Parsons and Chief Executive Scott Kaintz purchased 800,000 shares each as part of the placing.
Corcel said the new cash will be used to support progress at its Burwell Energy Storage project as well as on its Mambare nickel-cobalt mining lease application in Papua New Guinea.
"Initiatives begun in 2020 are now starting to bear fruit as we make material advancements both at Burwell here in the UK and at Mambare in supporting our overarching strategy of advancing the decarbonization of the global economy. The funds secured today are designed to minimize dilution at current levels as we approach multiple significant value inflection events," said Kaintz.
By Ife Taiwo; firstname.lastname@example.org
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