Corcel PLC - London-based mining and mineral resource development company - Sells 20% interest in its Mount Weld rare earth element project to shareholder Extraction Srl for AUD1.0 million, or GBP533,805. Extraction currently holds a 9.6% interest in Corcel.
Corcel says it is considering the use of proceeds from the partial sale of Mount Weld.
Chair James Parsons says: "I am delighted to announce this partial de-risking of our Mount Weld asset ahead of drilling results at the project. The company will now focus on its first transaction following its recent pivot to oil and gas".
Current stock price: 0.36 pence, up 12% on Friday
12-month change: down 75%
By Sabrina Penty, Alliance News reporter
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Corcel (CRCL)