Corcel PLC, a pan Angolan/Brazilian Oil and Gas company, has announced the exercise of 75,000,000 warrants at a price of 0.0021 per share, resulting in gross proceeds of £157,500. The company has issued 75,000,000 new ordinary shares as a result. Additionally, Corcel has received notice of the conversion of 100,000 outstanding loan notes from its lenders, YA II PN Ltd and Riverfort Global Opportunities PCC Limited, into 25,000,000 new ordinary shares at a price of 0.004 per share. The company has issued 25,000,000 new ordinary shares as a result of this conversion. Corcel has also repaid the balance of the corporate debt due following the conversion notice, fully retiring the facility.
Antoine Karam, Executive Chairman of Corcel, expressed gratitude to the warrant holders for their support in facilitating the retirement of the legacy debt position and the ongoing development of the company. The Warrant Shares and Conversion Shares, totaling 100,000,000, are expected to be admitted to trading on AIM on or around October 3, 2023. Following the issuance of these shares, Corcel's issued ordinary share capital will consist of 1,599,528,988 ordinary shares, all of which have equal voting rights and none of which are held in Treasury. The total number of voting rights in the company will therefore be 1,599,528,988. Shareholders can use this figure as the denominator for calculating their interests in the company.