TIDMCRCL

RNS Number : 1774O

Corcel PLC

30 January 2023

Corcel PLC

("Corcel" or the "Company")

Debt Restructuring

30 January 2023

Corcel Plc (London AIM: CRCL), the natural resource exploration and development company, with interests in battery metals including nickel, cobalt, vanadium and rare earth elements, announces the successful refinancing of its debt obligations totalling GBP673,348 of principal and interest, originally announced on 14 December 2021, and most recently updated on 25 January 2023.

Scott Kaintz, CEO of Corcel commented:

"The conclusion of a very constructive negotiation with our long-term lenders has resulted in an excellent outcome for the Company, which has now cleared its immediate and mid-term debt obligations and given Corcel a solid runway to advance its mineral exploration projects, with the initial focus on the forthcoming work programme at Mt. Weld."

Debt Restructuring

The Company has agreed with its lenders, Riverfort Global Opportunities PCC Limited and YA II PN Ltd, to make a cash payment of GBP235,671 (the "Repayment") in the coming three months. A 5% refinancing fee will be added to the outstanding balance, and following the refinancing and Repayment a new principal amount of GBP471,343 will remain.

This new balance will be subject to a twelve-month repayment holiday and then repaid in eight equal monthly instalments starting in February 2024. The balance of the loan will carry a 6% annual interest rate and will be convertible at a fixed price of GBP0.004 per share, a 54% premium to the closing price on 27 January 2023 and the entry price of the Company's recent new cornerstone investor.

The Company retains the right to repay the loan early in cash, subject to a 5% early repayment fee.

For further information, please contact:

   Scott Kaintz                                                Corcel Plc CEO

020 7747 9960

   James Joyce / James Bavister /Andrew de Andrade             WH Ireland Ltd NOMAD & Broker

0207 220 1666

   Patrick d'Ancona                                            Vigo Communications IR

0207 3900 230

The 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCPPUMAGUPWPUB

(END) Dow Jones Newswires

January 30, 2023 02:00 ET (07:00 GMT)

Regency Mines (LSE:RGM)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024 Click aqui para mais gráficos Regency Mines.
Regency Mines (LSE:RGM)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024 Click aqui para mais gráficos Regency Mines.