Last checked at 22 Mar 2022 07:00
Corcel PLC
("Corcel" or the "Company")
Wowo Gap Nickel Project : Initiation of Farm Out Process
22 March 2022
Corcel, the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage is pleased to announce that, following recent positive structural changes in the Nickel market, it has engaged a North American based investment bank to market its Wowo Gap nickel/cobalt project for potential farm outs or other funding solutions. The Company currently holds a 100% interest in the Wowo gap project.
Advisor Engagement
Following recent nickel price movements, an approach by the bank and in anticipation of wider market interest, the Company has appointed a North American investment bank to facilitate a potential farm out of the Wowo Gap project, either through a direct equity investment into the project or corporate funding solution. The Company believes that it is the right time to accelerate development of the project and that bringing in project capital and potentially a minority partner will facilitate these goals.
The Company also believes that assets such as the Company's Wowo Gap and Mambare projects are now rising to the forefront of global investor interest, as users of nickel look to secure reliable sources of supply. The Company looks to aggressively advance the timelines of the Wowo gap project in order to capitalize on these conditions.
About the Wowo Gap Project
The Project is located 200km from the Papua New Guinea capital of Port Moresby and some 150km southeast of the Company's Mambare nickel/cobalt asset. Initial exploration at the project was begun in the 1950s and has consisted of multiple drilling programmes, including diamond drilling, wacker holes and ground penetrating radar activities. Corcel acquired a 100% interest in the project in 2021 and is currently upgrading the JORC resource to the 2012 standard and conducting a Gap Analysis in preparation for a Bankable Feasibility Study and Mining Lease application.
The Project is held through one tenement in Papua New Guinea, EL 1165, which expired on 28 February 2020 and is currently under reapplication for a further 2-year period.
AIM Application - Correction
The Company issued 23,711,018 shares as announced to the Market on 17 November 2020. Whilst the shares were issued by the Company and the issued share capital is correctly reported by the Company, the Company's nominated advisor at the time erroneously did not submit the application to AIM in respect of the issue of these shares. The Company therefore advises that application has been made today for the admission of these new Ordinary shares, which when issued will rank pari passu with the existing ordinary shares in issue, to be admitted to trading on AIM, which is expected to be on or around 25 March 2022. This does not change the issued share capital of the Company as previously announced, which as at 29 March 2022 will comprise of 437,686,666 Ordinary shares.
Scott Kaintz 020 7747 9960 Corcel Plc CEO
James Joyce / Andrew de Andrade 0207 220 1666 WH Ireland Ltd NOMAD & Broker
Simon Woods 0207 3900 230 Vigo Consulting IR
This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU, which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed in accordance with the Company's obligations under Article 17.