CORCEL PLC

M&A Activity • Feb 29, 2024

National Storage Mechanism | Additional information

RNS Number : 0314F

Corcel PLC

29 February 2024

Corcel PLC

("Corcel" or the "Company")

Option Agreement

29 February 2024

Corcel Plc (London AIM: CRCL), the Angolan-focused exploration and production company, announces that it has been notified that Extractions Premium & Mining Ltd. ("EXT"), which currently holds a 24.37% interest in Corcel, has entered into a Call Option Agreement (the "Option") with Richard Jennings ("RJ"). 

Under the terms of this agreement, EXT has the right from 1 March 2024 until 1 June 2024, 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.  This price represents a 37% premium to the most recent closing price of the Company's shares. 

The Option contains an auto-exercise function, such that it 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.    

As previously announced, EXT is 45% owned by the Executive Chairman of Corcel Plc, Antoine Karam, and as such Antoine will indirectly hold 194,649,761.       

For further information, please contact:

Antoine Karam                                                                        Corcel Plc Executive Chairman

Development@Corcelplc.com                                                                                   

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

0207 220 1666                                                                                        

Patrick d'Ancona                                                                    Vigo Communications IR

0207 3900 230                                                                                      

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