Corcel PLC has announced the immediate exercise of the Put Option Agreement over 99,000,00 shares by Richard Jennings with Extractions Premium & Mining Ltd. This represents 4.87% of the ordinary shares currently in issue. The company's Executive Chairman, Antoine Karam, expressed gratitude for the continued support and emphasized the removal of any overhang in the Company's shares. Richard Jennings, an investor, expressed satisfaction with the trajectory and prospects of Corcel under Antoine Karam's leadership.
The company has also received funds from one investor as part of the Placing announced on 15 April 2024, with a bank transfer in progress and a third investor dealing with bank-related administrative approvals in Angola. Extractions Premium & Mining Ltd. is expected to acquire an additional 100,000,000 new ordinary shares of Corcel following a forthcoming General Meeting and completion of the Placing, resulting in ownership of 29.58% of the enlarged share capital of the Company.
The Company will provide further updates on settlement of the Placing and the timing of the General Meeting in due course. For further information, interested parties can contact Antoine Karam, Corcel Plc Executive Chairman, or the company's appointed NOMAD & Broker and Investor Relations representatives.
For more details, interested parties can refer to the official announcement.