Business
Cornerstone Investor Equity Placing
Cornerstone Investor Equity Placing.
About this update from Corcel Plc
[{"type":"text","content":"\n \n \n \n \n \n \n Corcel PLC\n \n \n \n (\"Corcel\" or the \"Company\")\n \n \n \n \n \n Cornerstone Investor Equity Placing\n \n \n \n 28 March 2023\n \n \n \n Corcel\n Plc (London AIM: CRCL),\n the extractive industries exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements,\n announces that, following its recent strategic pivot, it has completed an equity placing with an oil and gas focused cornerstone Investor Group (\"Investor Group\"). \n \n \n \n Highlights:\n \n \n \n o \n Introduction of new cornerstone Investor Group with Corcel board representation as part of fundraising of £1,055,515 at a price of £0.0035 - representing a 11% premium to the closing price of 27 March 2023 and a 16.6% premium to the 30-day VWAP - the investment will be made in three tranches as detailed below\n \n \n \n James Parsons, Executive Chairman, commented\n \n \n : \"\n \n \n I am delighted to welcome Antoine to both the Corcel register and, subject to regulatory checks, the Board as we take the first steps in our chosen oil and gas strategy.\"\n \n \n \n \n Equity Raise:\n \n \n \n The Company has executed a placing agreement to raise total proceeds of 1,055,515 from the issue of 301,575,574 new ordinary shares of 0.0001 (Ordinary Shares) at 0.0035 (the \"Placing Price\") per share (\"Placing Shares\") in three tranches to a group of high-net-worth investors who are supportive of the Company's recently announced Oil and Gas strategy. These investors will also receive a total of 211,102,900 warrants enabling the owner to purchase new ordinary shares at a price of £0.008 per share for a period of twenty-four months (the \"Placing Warrants\"). (Placing Shares and Placing Warrants together the \"Fundraising\") \n \n \n Upon completion of the Fundraising, the incoming investor group have nominated Mr. Antoine Karam as a Non-Executive to the Board of the Company, subject to standard director background checks. Mr. Karam is an experienced investor who has previously been a board member of multiple listed IT and cyber security businesses. Mr. Karam is connected to multiple institutional pools of capital and select business opportunities in the sector. \n \n \n The Company intends to use the funds ...