Corcel plc, 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.
Scott 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."
Block Admission
The 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).
The 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 admission of any of these securities to AIM is 25 June 2025. On issue, these new Ordinary Shares will be issued as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company.
The warrants outstanding are shown in the table below. This table excludes the 31,250,000 Warrant Shares discussed above, which are being applied for separately.
Should investors seek to exercise more warrants above this limit, the Company will issue new Ordinary Shares without a block listing.
Admission and Total Voting Rights
Application has been made for the 31,250,000 Warrant Shares to be admitted to trading on AIM, which is expected to occur on or around 25 June 2025 (the "Admission"). The Warrant Shares will rank pari passu in all respects with the Ordinary shares of the Company currently trading on AIM.
Following the Admission, the Company's issued share capital will comprise of 5,589,928,731 Ordinary shares with one voting right per share. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.