Corcel PLC, an Angolan-focused exploration and production company, has announced that Extractions Premium & Mining Ltd. (EXT), holding a 24.37% interest in Corcel, has entered into a Call Option Agreement with Richard Jennings. This agreement grants EXT the right 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, which is a 37% premium to the most recent closing price of the Company's shares.
The Option includes an auto-exercise function, which 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. It is important to note that EXT is 45% owned by the Executive Chairman of Corcel Plc, Antoine Karam, and as such, Antoine will indirectly hold 194,649,761 shares.
For further information, interested parties can contact Antoine Karam, the Executive Chairman of Corcel Plc, or the company's NOMAD & Broker, WH Ireland Ltd, and Vigo Communications IR.