29 Feb 2024 15:37
Corcel PLC
("Corcel" or the "Company")
Option Agreement
29 February 2024
Corcel Plc (London AIM: CRCL), the Angolan-focused exploration and production company, announces that it has been notified that Extractions Premium & Mining Ltd. ("EXT"), which currently holds a 24.37% interest in Corcel, has entered into a Call Option Agreement (the "Option") with Richard Jennings ("RJ").
Under the terms of this agreement, EXT has the right from 1 March 2024 until 1 June 2024, to purchase up to 99,000,000 ordinary shares of the Company from RJ, representing 5.58% of the ordinary shares currently in issue, at a price of £0.012 per share. This price represents a 37% premium to the most recent closing price of the Company's shares.
The Option contains an auto-exercise function, such that it will be deemed to have been exercised if the shares trade over £0.015 as measured on a VWAP basis for five consecutive trading days and in an aggregate minimum volume of 20,000,000 shares.
As previously announced, EXT is 45% owned by the Executive Chairman of Corcel Plc, Antoine Karam, and as such Antoine will indirectly hold 194,649,761.
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.
Corcel (CRCL)