Corcel PLC

("Corcel" or the "Company")

Equity Placing and Debt Restructuring Updates and TVR

21 December 2022

Corcel, the natural resource exploration and development company with interests in nickel, cobalt and other battery metals provides an update on several financial matters. 

Equity Placing Update

On 14^th December 2022 the Company announced it had raised proceeds of £466,000 at a significant premium to the current share price from AUSPECT Investment PTY Ltd, a private Australian investment company, who had also informed the Company that it ultimately intends to distribute the shares in due course.

There are no changes to the previously announcing placing pricing or total quantity of shares being issued as relates to the fundraising.

The Company has however now been informed that rather than distribute the shares later, Mr Zhao, the proposed incoming Director, will personally subscribe for one third of the placing, being a total of 38,833,333 shares.  Mr Zhao will subscribe through his family trust Mountain Stone Australia Trust which is managed by OZJ Global Pty Limited.  The balance of the shares will still be subscribed to by AUSPECT Investment PTY Ltd.  The settlement date has now been agreed as 30^th December 2022.

Debt Restructuring Update

The Company has made good progress reducing its debt balance following the sale of Tring Road and the recently announced equity placing at a significant premium. The Company is also working various opportunities which would completely clear the debt which was restructured on 31 October 2022 and further announcements will be made in this regard as appropriate.

Pursuant to the announcement of 31 October 2022, the Company has now paid the lenders a refinancing fee of £77,759 in the form of 37,028,094 new ordinary shares ("Fee Shares") priced at the lowest daily VWAP of the Company's shares between 31 October 2022 and 20 December 2022 (the "Strike Price").  Also, as previously announced on 20 July 2022, the Company has issued 5,000,000 new ordinary shares in full satisfaction of the ESA fee termination obligation. (together the "Fee Shares").     

In addition, further to the announcement of 31 October 2022 in lieu of a cash financing fee the Company has elected to issue 112,500,000 Warrants (the "Warrants") allowing purchase of new ordinary shares of the Company at £0.004 until 20 February 2024, have now been recalculated to 214,285,714 Warrants, repriced to the Strike Price of £0.0021, and extended until 31 March 2025 with associated resettability now in place until 31 December 2023.

As outlined in the Company's announcement of 5 December 2022, Corcel has exercised its option to acquire the Mt. Weld Rare Earth Element Project, and will now issue the vendors of the project 50,000,000 new ordinary shares (the "Option Shares") at a price of £0.004 as full consideration for the acquisition. 

The Fee Shares, Warrants and Option Shares are to be issued following the Company's Annual General Meeting scheduled for 22 December 2022. 

Total Voting Rights:

Application will be made for the 42,028,094 Fee Shares to be admitted to trading on AIM and it is expected that their admission to AIM will take place on or around 5 January 2022 ("Admission"). 

Following Admission, the Company's total issued share capital will consist of 788,736,389 Ordinary Shares, with one voting right per share. The Company does not hold any shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 788,736,389 from Admission. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company pursuant to the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

Scott Kaintz 020 7747 9960                                               Corcel Plc CEO 

James Joyce / Andrew de Andrade 0207 220 1666         WH Ireland Ltd NOMAD & Broker

Patrick d'Ancona  0207 3900 230                                     Vigo Communications IR 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.