Business
Equity Placing, Debt Restructuring Updates and TVR
Equity Placing, Debt Restructuring Updates and TVR.
About this update from Corcel Plc
[{"type":"text","content":"\n \n \n \n \n Corcel PLC\n \n \n \n (\"Corcel\" or the \"Company\")\n \n \n \n \n \n \n Equity Placing and Debt Restructuring Updates and TVR\n \n \n \n \n \n \n \n \n \n 21 December 2022\n \n \n \n \n \n \n Corcel, the natural resource exploration and development company with interests in nickel, cobalt and other battery metals provides an update on several financial matters. \n \n \n \n \n \n \n Equity Placing Update\n \n \n \n \n \n \n On 14th December 2022 the Company announced it had raised proceeds of £466,000 at a significant premium to the current share price from AUSPECT Investment PTY Ltd, a private Australian investment company, who had also\n informed the Company that it ultimately intends to distribute the shares in due course.\n \n \n \n \n \n There are no changes to the previously announcing placing pricing or total quantity of shares being issued as relates to the fundraising.\n \n \n \n \n \n The Company has however now been informed that rather than distribute the shares later, Mr Zhao, the proposed incoming Director, will personally subscribe for one third of the placing, being a total of 38,833,333 shares. Mr Zhao will subscribe through his family trust Mountain Stone Australia Trust which is managed by OZJ Global Pty Limited. The balance of the shares will still be subscribed to by AUSPECT Investment PTY Ltd. The settlement date has now been agreed as 30th December 2022.\n \n \n \n \n \n \n \n \n \n Debt Restructuring Update\n \n \n \n \n \n \n The Company has made good progress reducing its debt balance following the sale of Tring Road and the recently announced equity placing at a significant premium. The Company is also working various opportunities which would completely clear the debt which was restructured on 31 October 2022 and further announcements will be made in this regard as appropriate.\n \n \n \n \n \n Pursuant to the announcement of 31 October 2022, the Company has now paid the lenders a refinancing fee of £77,759 in the form of 37,028,094 new ordinary shares (\"Fee Shares\") priced at the lowest daily VWAP of the Company's shares between 31 October 2022 and 20 December 2022 (the \"Strike Price\"). Also, as previously announced on 20 July 2022, the Company ha...