Funding Update

Corcel PLC
23 February 2024


Corcel PLC

("Corcel" or the "Company")

Funding Update

23 February 2024

Further to the announcements of 18 September 2023 and 2 January 2024, Corcel Plc (London AIM: CRCL) provides an update on its unsecured convertible loan note facility.  The facility has the potential to extend £10,000,000 of funding to the Company, attracts a 12% interest rate per annum and is convertible into new ordinary shares over the three-year life of the notes at a fixed price of £0.008.   

To date, £1,000,000 has been drawn down from the facility with £250,000 of this subsequently converted into equity as announced on 2 January 2024. 


The Company is currently in discussions with the lender, Extraction Srl, around the quantum and timing of the next drawdown against the facility, and the Company will update the markets on these discussions in due course.  The Company expects the proceeds of this drawdown to fund its ongoing activities in the Kwanza Basin, Angola. 


Extraction Srl is 45% owned by the Executive Chairman of Corcel Plc, Antoine Karam.      

For further information, please contact:

Antoine Karam                                                                        Corcel Plc Executive Chairman                                                                                   

James Joyce / James Bavister /Andrew de Andrade             WH Ireland Ltd NOMAD & Broker

0207 220 1666                                                                                        

Patrick d'Ancona                                                                    Vigo Communications IR

0207 3900 230                                                                                      



The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.


Corcel (CRCL)
UK 100