Debt Conversion, Directors Dealings & TVR

RNS Number : 9409C
Corcel PLC
28 February 2022
 

 

 

Corcel PLC

("Corcel" or the "Company")

 

Debt Conversion and Directors Dealings,

TVR

 

28 February 2022

 

Corcel, the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage, announces the conversion of the debt position, controlled by the Chairman with an 18-month lock in. 

Highlights:

 

C4 Energy Limited (the "C4"), a company controlled by the Chairman, has agreed to convert £128,586 of outstanding debt and interest obligations, resulting in the issuance of 8,572,400 new ordinary shares locked up for 18 months

 

C4 Debt Conversion

As previously announced on 14 December 2021, the Company has agreed with its lenders, C4 Energy Limited, for the conversion (the "C4 Conversion") of £128,586 of outstanding interest and principal into 8,572,400 new ordinary shares (the "C4 Shares") of the Company.  These shares will be locked up for an 18-month period following issuance.

Related Party Transaction

 

C4 is a UK incorporated private entity where James Parsons, Chairman of Corcel Plc, is both a Director and shareholder.  The C4 Conversion constitutes a related party transaction as defined by Rule 13 of the AIM Rules for Companies.  Ewen Ainsworth, Henry Bellingham and Scott Kaintz, being the Directors of the Company, who are independent of the C4 Conversion, having consulted with the Company's nominated advisor, WH Ireland Ltd, and consider the terms of the C4 Conversion to be fair and reasonable insofar as the Company's shareholders are concerned.

 

Directors Dealings  

 

James Parsons, through his interest in the C4 as outlined herein, has increased his indirect interest in the Company through the indirect ownership of 2,143,100 new ordinary shares, issued as part of the C4 Debt Conversion.   

 

Following the C4 Debt Conversion, the resultant Directors' shareholdings are as follows:

 

Directors

Ordinary Shares

Total Shares

% of Issued Share Capital

Warrants

Options

 
 

 

Direct

Indirect

 

 

 

 

 

James Parsons

3,089,773

2,143,100

5,232,873

1.31%

2,381,250

3,040,567

 

Scott Kaintz

2,570,944

1,754,275

4,325,219

1.08%

2,185,417

3,164,767

 

Henry Bellingham

0

0

0

0.00%

0

0

 

Ewen Ainsworth

2,253,429

0

2,253,429

0.56%

1,281,250

0

 

 

Admission to Trading on AIM and Total Voting Rights

Application is being made to AIM for 8,572,400 shares to be admitted to trading on AIM, the admission of which it is expected on or around 4 March 2022.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the C4 Shares its issued ordinary share capital will comprise 400,560,001 ordinary shares.

All of the ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 400,560,001. The above figure may be used by shareholders 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.

 

Scott Kaintz  020 7747 9960  Corcel Plc CEO 

James Joyce / Andrew de Andrade   0207 220 1666   WH Ireland Ltd NOMAD & Broker

Simon Woods  0207 3900 230       Vigo Consulting IR 

 

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU, which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed in accordance with the Company's obligations under Article 17.

 

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

James Parsons

2

Reason for the notification

a)

Position/status

 

PDMR (Executive Chairman)

 

b)

Initial notification/Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

Corcel plc

 

b)

LEI

2138009ECXQQ3EGKVY57

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the financial instrument, type of instrument

Ordinary shares of £0.0001 each

 

 

Identification code

GB00BKM69866

 

b)

Nature of the transaction

Purchase of ordinary shares

 

c)

Price(s) and volumes(s)

Price(s)

Volume(s)

 

£0.015

 

2,143,100

 

d)

Aggregated information

2,143,100

 

 

Aggregated volume

N/A

 

 

Price

£0.015

 

e)

Date of the transaction

25 February 2022

 

f)

Place of the transaction

AIMX

 

             

 

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Corcel (CRCL)
UK 100

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