Funding Update
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Further to the announcements of 18 September 2023 and 2 January 2024, Corcel Plc (London AIM: CRCL) provides an update on its unsecured convertible loan note facility. The facility has the potential to extend £10,000,000 of funding to the Company, attracts a 12% interest rate per annum and is convertible into new ordinary shares over the three-year life of the notes at a fixed price of £0.008.
To date, £1,000,000 has been drawn down from the facility with £250,000 of this subsequently converted into equity as announced on 2 January 2024.
The Company is currently in discussions with the lender, Extraction Srl, around the quantum and timing of the next drawdown against the facility, and the Company will update the markets on these discussions in due course. The Company expects the proceeds of this drawdown to fund its ongoing activities in the Kwanza Basin, Angola.
Extraction Srl is 45% owned by the Executive Chairman of Corcel Plc, Antoine Karam.
596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018.
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