Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCorcel Regulatory News (CRCL)

Share Price Information for Corcel (CRCL)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.17
Bid: 0.16
Ask: 0.18
Change: -0.11 (-39.29%)
Spread: 0.02 (12.50%)
Open: 0.28
High: 0.26
Low: 0.17
Prev. Close: 0.28
CRCL Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Partial Sale of Mt. Weld

5 May 2023 07:00

RNS Number : 5007Y
Corcel PLC
05 May 2023
 

 

Corcel PLC

("Corcel" or the "Company")

 

Partial Sale of Mt. Weld

5 May 2023

Corcel Plc (London AIM: CRCL), the extractive industries exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements, announces that it has agreed the sale of a 20% interest in its Mt. Weld Rare Earth Element project to Extraction Srl, an Italian private company controlled by Mr Antoine Karam, for cash consideration of AUD$1,000,000 payable by 31 May 2023. Extraction Srl is a shareholder in Corcel, currently holding an interest of 9.61%, and, as previously announced, Mr Antoine Karam (a shareholder in Extraction Srl) is expected to join the Board following regulatory checks, which are underway.

Riversgold Ltd (RGL) has agreed to waive its pre-emption rights over the sale of this interest, and Extraction Srl, will now become a party to the joint venture agreement originally announced on 4 January 2023. Following this transaction CRCL will have an 80% interest in the project pending the results of the first earn in period, where RGL may, by funding the current work programme and spending AUD 500,000 over a twelve-month period, earn in to 50% of the project. If the first earn in period is completed, which is expected to be the case, the resulting shareholdings would be RGL 50%, CRCL 30% and Extraction Srl 20%, at which time all parties would be responsible to pay their proportional share of future costs at the project. 

The Board of Corcel is currently considering the use of proceeds from the partial sale of Mt. Weld and additional announcements will be made as appropriate. For the period ended 31 December 2022, the 20% interest in Mt. Weld being sold was held in in the Company's interim accounts balance sheet at £43,000, leaving a profit net of costs on disposal of the interest of approximately £475,472.

As announced on 2 May 2023, the joint venture partners have recently initiated a drilling programme at Mt. Weld, and additional announcements on these developments will be made in due course. 

James Parsons, Corcel's Chairman, commented:

"I am delighted to announce this partial de-risking of our Mt 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".

About the Mt. Weld REE Project

The "Mt Weld (P38/4489) Project," consists of granted mineral tenement, located 1.4 km (0.9 miles) west-north-west of Lynas Rare Earths Limited's Mt. Weld REE Mine near Laverton in Western Australia. The Project covers 171 hectares in size and the tenement straddles the mine access road to Lynas's Mt. Weld Mine. The tenement is predominantly covered by recent transported sediments obscuring the underlying geology. Four discrete undrilled magnetic features, potentially representing carbonatite intrusive complexes have been interpreted from open file high resolution magnetic surveys and warrant further investigation.

For further information, please contact:

Scott Kaintz Corcel Plc CEO

020 7747 9960  

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.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DISFLFEAELISIIV
Date   Source Headline
14th Oct 20137:00 amPRNFiling of Preliminary Base Shelf Prospectus in Canada
4th Oct 20137:00 amPRNAnnounces Results of Special Shareholder Meeting
1st Oct 20137:00 amPRNCaracal Announces First Oil Shipments From Badila Field
18th Sep 20137:00 amPRNOperations Update
13th Sep 20137:00 amRNSHolding(s) in Company
12th Sep 20137:00 amPRNCaracal Energy Announces FTSE Inclusion
10th Sep 20137:00 amPRNPosting of Circular and Notice of Shareholder Meeting
30th Aug 20137:00 amRNSHolding(s) in Company
29th Aug 20137:00 amRNSDirector/PDMR Shareholding
29th Aug 20137:00 amPRNCaracal Listed as a Supporting Company of the EITI
19th Aug 20137:00 amPRNCaracal FTSE UK Index Series Inclusion
19th Aug 20137:00 amPRNHalf-yearly Report
12th Aug 20137:00 amPRNCaracal Energy Provides Operational Update
9th Aug 20134:55 pmBUSForm 8.3 - Caracal Energy, Inc
26th Jul 20132:15 pmPRNStatement re: Caracal Bonds to Luxembourg Stock Exchange
26th Jul 20137:00 amBUSHolding(s) in Company
16th Jul 20137:00 amPRNDevelopment and Exploration Update
15th Jul 20138:49 amPRNReserves & Resources Update
9th Jul 20138:01 amRNSAdmission to Trading

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.