Corcel PLC, a pan Angola-Brazil focused exploration and production company, has successfully raised gross proceeds of £500,000 through the issuance of 500,000,000 new ordinary shares at a placing price of £0.001 per share. The fundraise was conducted with high-net-worth investors and is intended to support the company's ongoing working capital requirements, geological and geophysical work in Angola, and business development initiatives in Brazil, ensuring a stable financial foundation well into the second half of the year.
The company also announced that due to the inability of certain subscribers to meet their obligations from a previous equity placing, the 180,000,000 ordinary shares and 180,000,000 warrants that were due to be issued will no longer be issued. Corcel's Interim Chief Executive, Scott Gilbert, expressed that the fundraise will enable the company to continue pursuing its strategy, with a focus on Angola and Brazil, and further details of the company's strategy will be communicated to the market shortly.
In terms of total voting rights, the company confirmed that following the admission of the new ordinary shares to trading on AIM, its total issued share capital will consist of 2,458,300,515 ordinary shares, with one voting right per share. The company does not hold any ordinary shares in treasury. This figure will be used by shareholders to determine if they are required to notify their interest in, or a change in their interest in, the share capital of the company pursuant to the FCA's Disclosure Guidance and Transparency Rules.
The admission of the new ordinary shares to trading on AIM is expected to occur on or around 21 June 2024. Shareholders and interested parties can contact Scott Gilbert, Corcel PLC's Interim CEO, for further information. Additionally, WH Ireland Ltd will serve as the NOMAD & Joint Broker, and Vigo Communications will handle investor relations.
For more details, interested parties can refer to the official announcement.