Business
Fundraising - Broker Option - TVR
Fundraising - Broker Option - TVR.
About this update from Corcel Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n Corcel PLC\n \n \n \n (\"Corcel\" or the \"Company\")\n \n \n \n \n \n \n Fundraising - Broker Option - TVR\n \n \n \n \n \n \n \n 20 July 2022\n \n \n \n \n \n \n Corcel, the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage announces an up to £600,000 funding packing including a placing of £336,000 at a price of £0.004 (the \"Placing\") as well as a Broker Option to enable existing shareholders to participate in the Placing on the same terms up to a further £300,000. \n \n \n \n Highlights:\n \n \n \n o \n Fundraising of up to £600,000 including a placing of £336,000 at a price of £0.004 with warrants exercisable at £0.005 per share and a Broker Option of up to £300,000 on the same terms\n \n \n o \n Implementation of cost saving measures including overhead reductions\n \n \n \n Chief Executive Officer, Scott Kaintz commented:\n \n \n \"Today's RNS represents critical funding and cost reductions amidst a difficult funding environment for small cap companies. This fundraising marks a key step for CRCL and well positions the Company for a macro stabilisation and recovery period.\" \n \n \n \n \n \n \n \n \n \n Equity Raise:\n \n \n \n The upfront equity fundraising has raised gross proceeds of 336,000 from the issue of 84,000,000 new ordinary shares of 0.0001 (Ordinary Shares) at 0.004 (the \"Placing Price\") per share (\"Placing Shares\"). \n \n \n The Company has also issued the equity investors with one warrant for every one share exerciseable at 0.005 per new warrant share at any time over the next year (\"Placing Warrants\"). The warrants come with an accelerator clause that gives the Company the right but not the obligation to give the warrant holders notice once the Corcel share price trades at a ten-day volume weighted average price greater than £0.01 to exercise its rights to accelerate the warrants and invoke the notice period by which time the warrants must either be exercised or they become cancelled. The issue of the Placing Warrants is contingent upon the approval of the resolutions to be put to shareholders of the Company at the General Meeting to be outlined herein. \n \n \n \n ...