Business
Exercise of Warrants, Block Listing and TVR
Exercise of Warrants, Block Listing and TVR.
About this update from Corcel Plc
[{"type":"text","content":"\n\nThe 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.\n \nCorcel PLC\n(\"Corcel\" or the \"Company\")\n \nExercise of Warrants, Block Listing Application and TVR\n \n24 June 2025\n \nCorcel plc, (London AIM: CRCL), the Angola-Brazil focused energy company, announces that the Company has received a notice of an exercise of warrants over 31,250,000 new Ordinary shares of £0.0001 in the Company (the \"Warrant Shares\") at an exercise price of £0.00225 per Warrant Share, raising £70,312.50 for the Company.\n \nScott Gilbert, Corcel's Chief Executive Officer, commented: \"We are pleased to report initial warrant exercises, which we see as a strong indicator of growing investor confidence in our strategy and value proposition. These exercises, completed at a 40% premium to our most recent raise, strengthen our balance sheet and enhance our cash position, enabling us to continue to advance our operational plans, including the planned seismic program across our operated KON-16 block in the onshore Kwanza basin.\"\n \nBlock Admission\n \nThe Company also announces that it has applied to the London Stock Exchange for a block listing of up to 944,575,000 Ordinary Shares to be admitted to trading on AIM. The purpose of the block listing is to satisfy the issue of shares for further outstanding warrants, which the Company expects will be exercised in the near future. This figure is 17% of the currently issued share capital, and in accordance with the block listing process under Rule 29 of the AIM Rules, would cover the potential exercise of approximately 49% of the currently outstanding warrants (as further detailed below).\n \nThe Ordinary Shares, subject to the block admission, will not be allotted immediately but rather will be issued and allotted on exercise of the warrants from time to time. The Company will announce the number of any Ordinary Shares, issued and admitted under the block listing, at the end of the calendar month in which warrants are exercised. The earliest expected effective date of ...