Corcel PLC
("Corcel" or the "Company")
Option Agreement
29 February 2024
Corcel Plc (London AIM: CRCL), the Angolan-focused exploration and production company, announces that it has been notified that Extractions Premium & Mining Ltd. ("EXT"), which currently holds a 24.37% interest in Corcel, has entered into a Call Option Agreement (the "Option") with Richard Jennings ("RJ").
Under the terms of this agreement, EXT has the right from 1 March 2024 until 1 June 2024, to purchase up to 99,000,000 ordinary shares of the Company from RJ, representing 5.58% of the ordinary shares currently in issue, at a price of £0.012 per share. This price represents a 37% premium to the most recent closing price of the Company's shares.
The Option contains an auto-exercise function, such that it will be deemed to have been exercised if the shares trade over £0.015 as measured on a VWAP basis for five consecutive trading days and in an aggregate minimum volume of 20,000,000 shares.
As previously announced, EXT is 45% owned by the Executive Chairman of Corcel Plc, Antoine Karam, and as such Antoine will indirectly hold 194,649,761.
For further information, please contact:
Antoine Karam Corcel Plc Executive Chairman
James Joyce / James Bavister /Andrew de Andrade WH Ireland Ltd NOMAD & Broker
0207 220 1666
Patrick d'Ancona Vigo Communications IR
0207 3900 230
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