Corcel PLC has announced the conversion of the balance of its outstanding convertible loan notes, as well as the associated impact on the company's total voting rights. Extraction Premium and Mining Ltd ("EXT") has converted 750,000 outstanding loan notes and associated interest into 98,917,808 new ordinary shares of the Company at a price of 0.008. This conversion retires the current balance of the facility in full, with the remainder of the loan potentially available for future drawdown subject to mutual agreement by both parties.
Post conversion, EXT will hold 432,555,025 shares in the business, representing 24.37% of the business. Antoine Karam, the Executive Chairman of Corcel Plc, indirectly holds 194,649,761 shares post conversion, as EXT is 45% owned by him.
The company has applied for the 98,917,808 shares to be admitted to trading on AIM, with the admission expected on or around 06 March 2024. Following the issue of the shares, Corcel's issued ordinary share capital will comprise 1,774,794,153 ordinary shares, all with equal voting rights and none held in Treasury. The total number of voting rights in the Company will therefore be 1,774,794,153.
Shareholders can use this figure as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company. For further information, interested parties can contact Antoine Karam, Corcel Plc Executive Chairman, or the company's NOMAD & Broker and Investor Relations.