RE: No raise necessary here to fund the drilling5 Nov 2023 09:55
All funded, at premium via Chairman
—-
18 September 23
Corcel Plc (London AIM: CRCL), the pan Angolan / Brazilian Oil and Gas company, with interests across oil and gas and battery metals, announces the completion of an unsecured convertible loan note facility with Extraction Srl (the "Lender"), a natural resource investment group, of which the Company's chairman is a major shareholder, that would potentially extend a total of GBP10m to the Company, to be drawn down over a three year period (the "Transaction").
Highlights:
o Agreement with the Lender to fund GBP1m in October 2023 and GBP1m in January 2024, with a further GBP8m to potentially be made available over a three-year term
o Loan proceeds are convertible into new ordinary shares at a fixed price of GBP0.008, a 79.8% premium from the most recent closing price on 15 September 2023, and bear 12% interest per annum
o Facility provides both short and longer-term funding for ongoing operations in Angola and business development in Brazil and elsewhere
Antoine Karam, Executive Chairman, commented : "This funding, offered by Extraction Srl and approved by the Corcel Board, will enable the Company to more rapidly drive value creation for shareholders and, equally importantly, is demonstrative of the changes occurring in the business both operationally in Angola and financially in the nature of the funding being utilised. With this instrument in place, the Company now has a cost-effective long-term facility it can access without having to consider more dilutive and expensive sources of capital on offer. With this facility now available to help accelerate our activities, we now await initial results from the drilling of our first oil well in the Kwanza Basin, Angola ."
Sign In
Follow the stocks
