Business
RMI - Debt Acquisition, Issue of Shares and TVR
RMI - Debt Acquisition, Issue of Shares and TVR.
About this update from Corcel Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5506F\n Corcel PLC\n 17 November 2020\n \n \n \n \n \n \n \n \n Corcel PLC\n \n \n (\"Corcel\" or the \"Company\")\n \n \n \n \n \n Resource Mining Corporation Limited: \n \n Debt Acquisition, Issue of Shares and TVR\n \n \n \n \n \n \n \n 17 November \n \n \n 2020\n \n \n \n Corcel \n Plc, (\"Corcel\" or \"the Company\"), \n the natural resource exploration and development company with interests in battery metals and flexible grid solutions, announces\n that, following the option exercise announced on 28 October 2020, it has purchased the outstanding AUD 3.05m debt in Resource Mining Corporation Limited \n (ASX: RMI) \n (\"RMI\").\n \n \n Highlights:\n \n \n · \n Sinom Hong Kong Limited (\"Sinom\") \n have sold their entire long-term debt position in RMI to Corcel:\n \n \n o \n AUD 3.05 million of debt purchased for a consideration of AUD 640,000 cash and 23,711,018 new ordinary shares of the Company (representing a 62% discount to the face value of the debt or at full face value an effective issue price of CRCL shares of 5p)\n \n \n · \n Subordination of the small remaining Sinom debt in RMI (circa AUD 170,000) to Corcel's senior lender position\n \n \n · \n Signature of a relationship agreement with \n Sinom as a locked in cornerstone investor in Corcel with a 12.69% equity position (held through its subsidiary Base Asia Pacific Limited (\"Base Asia\"). \n \n \n · \n Corcel\n , in its role as senior lender to RMI, intends to immediately initiate constructive discussions with the RMI Board regarding synergies between its Mambare project and the WoWo Gap nickel-cobalt project in PNG\n \n \n \n \n \n \n James Parsons, Chairman, commented\n \n \n : \n \n \n \n \n \"I am\n \n \n \n \n \n delighted to report that, \n \n \n despite a highly challenging period driven by the global pandemic,\n \n \n Corcel continues to develop its portfolio of high upside mineral exploration projects, coupled with low risk energy generation and storage in the UK. We operate\n \n \n at the intersection of battery metals and their end use in both energy storage and the electric vehicle revolution, all supporting the ever-accelerating \n \n \n transition to a low carbon economy.\n \n \n \n This transaction demonstrates further progress building critical mass in our batte...