Corcel PLC, an Angolan-focused exploration and production company, has provided an update on its fundraising activities. Following the fundraising announced on 15 April 2024, the company has received 399,750 in cash and will issue 79,950,000 Tranche I shares, including 39,975,000 shares to Corcel Director, Geraldine Geraldo. Additionally, the company will issue 79,950,000 warrants in respect of Tranche I. The balance of the Tranche I funds, 400,000, and the Tranche II funds, 500,000, are expected to be received in due course.
The company has applied for the 79,950,000 Tranche I Shares to be admitted to trading on AIM, with the admission expected to take place on or around 14 May 2024. Following Admission, the Company's total issued share capital will consist of 1,954,744,153 Ordinary Shares, with one voting right per share. The company does not hold any shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 1,954,744,153 from Admission.
Corcel PLC will provide further updates on the Total Voting Rights on completion of Tranches I and II of the Fundraising. For more information, interested parties can contact Antoine Karam, Corcel Plc Executive Chairman, or Scott Gilbert, Corcel Plc CEO. Additionally, WH Ireland Ltd serves as the NOMAD & Broker, and Vigo Communications handles investor relations.