Corcel PLC - London-based mining and mineral resource development company - Signs exclusive 45-day option to acquire 100% ownership of the Mt Weld project in Western Australia for non-refundable option payment of GBP15,000 to vendors. Were it to exercise the option, Corcel would issue 50.0 million new Corcel shares at a price of 0.4 pence each, worth GBP200,000 in total, to the vendors, who are Peter Gianni, Geonomics Australia Pty Ltd and David Lenigas.
Chief Executive Officer Scott Kaintz says: "The tenement is fully granted, and existing access is excellent, which bodes well for a quick option assessment and potential drill programme. Immediate plans are to complete our due diligence during the exclusive option period, which will include reprocessing the existing geophysics to refine priority targets."
Current stock price: 0.38 pence, up 16% in London on Wednesday
12-month change: down 74%
By Holly Beveridge; hollybeveridge@alliancenews.com
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Corcel (CRCL)