Last checked at 23 Feb 2024 15:10
Corcel PLC
("Corcel" or the "Company")
Interests of Extraction Srl and Extractions Premium & Mining Ltd
23 February 2024
As previously disclosed, Antoine Karam, the Executive Chairman of the Company, has an indirect interest in 333,637,217 ordinary shares in the capital of the Company ("Ordinary Shares"), 211,102,900 warrants over Ordinary Shares ("Warrants") and the outstanding principal amount of £750,000 of convertible loan notes issued by the Company on 18 September 2023 (the "Loan Notes") which together are held by Extraction Srl and Extractions Premium & Mining Ltd ("EPM").
Mr Karam has a 45% interest in Extraction Srl, an Italian company, which in turn holds 100% of the issued shares of EPM, an English company. Mr Karam and Giovanni Colangelo are the directors of EPM, and Mr Colangelo is the sole director of Extraction Srl. Extraction Srl and EPM are investment companies that were formed in 2023 with a mandate to make investments across the natural resources sector.
The Company has been formally notified that, in view of Mr Karam's position on the Board of Directors of Corcel, Mr Karam and Mr Colangelo as directors of EPM have resolved that Mr Karam will recuse himself from any consideration or decision by EPM in relation to any dealings in Ordinary Shares in Corcel or the exercise of any of the Warrants or Loan Notes, with the consideration of any such dealings or exercise, and any decisions in relation to such dealings or exercise, being made solely by Mr Colangelo without discussion or consultation with Mr Karam.
The Company understands that, as Mr Karam is not on the board of Extraction Srl, any decisions by that company in relation to its investments can be made solely by Mr Colangelo.
For further information, please contact:
Antoine Karam Corcel Plc Executive Chairman
Development@Corcelplc.com
James Joyce / James Bavister /Andrew de Andrade WH Ireland Ltd NOMAD & Broker
0207 220 1666
Patrick d'Ancona Vigo Communications IR
0207 3900 230
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.