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According to Research Tree, WH Ireland have issued a new 6 page note on Corcel which I can't access unless I upgrade my membership.
Does anyone have access to the WHI's latest opinion on Corcel?
The lack of movement in CRCL's share price since the announcement of drilling at Mt. Weld is, in my opinion, a reflection of the market's confidence in the management.
Confounded could you please post the text of the RNS. Thanks in advance.
Sniper, if you sell something and receive cash for it, you don't own it anymore.
We may get royalties, but that is a long time down this never ending lane of ..... you complete the sentence to reflect your interpretation of the deal.
I really don't like the fact that they issued this RNS so late on a Friday. Question is why?
Why couldn't they issue it on Monday and give the market time to digest the implications of this development rather than sneak it through just before closing? What are their motives.
Given their track record, I don't like the smell of it!
wilburylover go back to school and learn how and when to use the full stop.!!
A question to ponder on. If the prospect at Mt Weld is so much of a "ball-tearer" why didn't Lynas Corporation, just a couple of kilometres away, snap up the opportunity that we've bought into? If the prospect is so much of a" ball tearer" it would have given some economies of scale.
Lifted from Wiki:
"The Mount Weld deposit is owned by ASX-listed Lynas Corporation,[5] which raised A$450 million equity from J. P. Morgan in 2009[6] to fund the development of a mine and also a processing plant in Kuantan, Malaysia. Once operational, the Mount Weld mine is expected to be the largest source of rare-earth elements outside of China.[citation needed]
Luke1 I tried that. Registered and then requested the Corcel report and it just tries to sell me a monthly subscription.
What am I doing wrong?
Typical SK.
He sounded as though he was explaining away the miscalculations of the FGS idea and running on nervous energy and speaking too fast. Typical of a brash, flash Yank.
If he subjects himself an investor meeting where he does a 10-15 minute presentation and then answers questions for at least 30 minutes he might earn my respect and gain my confidence. But I sincerely doubt he will
If this share price gets to 5p by the end of this year I shall apologise for my high level of scepticism on this board.
Over to you SK!
mcfcnige, your post at 8.08.
The left hand doesn't know what the right hand is doing! Absolute chaos with no apparent clear strategy.
Maybe the O&G deviation is purely a 'safety' device in case the Mt Weld drilling doesn't prove their expected results?
SK is treading water and showing all the skills? he learnt at the knee of AB.
20 February 2023
Corcel Plc (London AIM: CRCL), the natural resource exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements, announces that its farm in partner on the Mt. Weld project, Riversgold Ltd ("RGL"), has completed 3D Inversion Magnetics work on the existing drill targets at Mt. Weld in order to prepare for an upcoming drill campaign at the property.
Highlights:
o Magnetic features refined by ground magnetics offer clear drill targets, only 1.4km from Lynas' Mt Weld rare earth oxide mine
o Maiden eight-hole, 2,000 metre reverse circulation (RC) drill program designed to test multiple targets to depths of 250 metres
o Approvals being progressed, with aim to commence drilling this quarter
The Company reports that RGL has now released the results of a ground magnetic geophysical survey on the Company's joint venture tenement, and has confirmed the validity of multiple magnetic targets and allowed refined planning for drilling (Figure 1)(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_1-2023-2-19.pdf). The Mt Weld Project is located only 1.4km west-north-west of Lynas Rare Earths Limited's Mt Weld rare earth oxide (REO) mine near Laverton in Western Australia (Figure 2)(http://www.rns-pdf.londonstockexchange.com/rns/3613Q_2-2023-2-19.pdf) .
Corcel Chief Executive Officer, Scott Kaintz commented: "The first operational activity following our farm-out of the Mt. Weld project has now been completed, confirming the immediate prospectivity of the project that we first observed last year. We look forward to the initial drill campaign beginning and to developing more projects of this nature, offering investors exposure to exploration upside at minimal cost to Corcel."
Interesting. If you hold your cursor over the CRCL logo on the left of the Corcel PLC@CRCL - 8th Feb, the text is:
"Corcel Plc is an explorer and developer of Battery Metals Projects, Flexible Energy Storage & Production Projects "
Haven't we disposed of Avonmouth, Tring Road and Burwell, all FGS projects and don't have any others anymore?
And, possibly, also because SK is out of his depth?
Snouts in the trough!?
Based on the number of shares issued to JP, I calculate that he is earning around
£14,600 per month.
Nice work if you can get it!
Agreement Details and Directors Dealings
With a view to both reducing the Company's cash burn and ensuring alignment with the Company's shareholders, Mr Parsons, the Company's Chairman, has proposed and the Company has agreed, that his monthly salaries from February 2023 to May 2023 as well as certain historic obligations dating from 2021, will be paid in the form of new ordinary shares in the Company.
Accordingly, 16,910,618 new ordinary shares of the Company have today been issued to Mr Parsons at the closing price on 30 January 2023 of £0.00265. This reflects the net balance of the obligations which are being settled by this agreement.
Scott Kaintz, CEO of Corcel commented:
"The conclusion of a very constructive negotiation with our long-term lenders has resulted in an excellent outcome for the Company, which has now cleared its immediate and mid-term debt obligations and given Corcel a solid runway to advance its mineral exploration projects, with the initial focus on the forthcoming work programme at Mt. Weld."
Debt Restructuring
The Company has agreed with its lenders, Riverfort Global Opportunities PCC Limited and YA II PN Ltd, to make a cash payment of £235,671 (the "Repayment") in the coming three months. A 5% refinancing fee will be added to the outstanding balance, and following the refinancing and Repayment a new principal amount of £471,343 will remain.
This new balance will be subject to a twelve-month repayment holiday and then repaid in eight equal monthly instalments starting in February 2024. The balance of the loan will carry a 6% annual interest rate and will be convertible at a fixed price of £0.004 per share, a 54% premium to the closing price on 27 January 2023 and the entry price of the Company's recent new cornerstone investor.
The Company retains the right to repay the loan early in cash, subject to a 5% early repayment fee.
Sale of Burwell Project
The Company has closed the sale of the Burwell project for cash proceeds of £200,000, plus a reimbursement of Corcel's grid deposit of £50,000. This sale formally completes the closure of the Flexible Grid Solutions division.
As at 30 June 2022, the Burwell project was held in the Company's accounts balance sheet at nil and losses in the subsidiary containing the project for the most recent financial year were £35.2k.
Corporate Debt Update
Following completion of the sale of the Burwell project, Corcel intends to utilize a portion of the proceeds to retire the remaining balance of the portion of its corporate debt, most recently restructured and announced on 31 October 2022. Recent asset sales since November 2022, including the Burwell transaction, will then have reduced total outstanding debt by a total of £777,600 and have completely repaid the debt originally due October 2022.
Following these payments, the outstanding balance of the Company's corporate debt is £672,941 (consisting of £619,198 of principal and £53,743 of accrued interest) which was last refinanced on 14 December 2021 with the initial payment of £156,943 due 23 January 2023 and smaller monthly payments due through to June 2023.
The remaining proceeds of the sale of the Burwell project will be used for working capital.
The Company is in constructive discussions with its remaining lenders to refinance these obligations regarding a reprofile and extension of the outstanding amount.
Thanks SP71 and Dakry.
If Align changed their name again from Catalyse to Karma Squared Ltd then, in my opinion, the TR RNS should have used their latest name of Karma, instead, of Catalyse Capital unless there is something I am not aware of.
This website: https://find-and-update.company-information.service.gov.uk/search?q=Catalyse+Capital
The address of both Catalyse Capital and Karma Squared are the same so I don't know whether this info on the above website means they have actually changed their name or are in the process of doing it.
When things like this happens it arouses a suspicion of smoke and mirrors and makes me feel rather unsettled.
I have tried to find Catalyse Capital's website via Google and keep getting a list of similar sounding names like Catalyze Capital, Catalyst or Catalysis.
I have looked on Align Research's website and I can't find any note advising that they have changed their name to Catalyse Capital with a link to their new website.
The first time I saw Catalyse Capital's name was in the TR1 RNS
This leaves me with an uneasy feeling .
Anyone got a link to Catalyse Capital's website?
Thanks in advance