Corcel PLC

("Corcel" or the "Company")

Signature Bonus Payments, Placing Settlement Finalisation and TVR

14 July 2023

Corcel Plc (London AIM: CRCL), the pan Angolan / Brazilian Oil and Gas company, with interests across battery metals mining and oil and gas, announces the payment of Risk Service Contract signature bonuses in Angola as well as the settlement of two previously announced placings.

The Company confirms that following the signature of the Risk Service Contracts for its three Angolan oil block licenses, it has now paid to the ANPG (Agência Nacional de Petróleo, Gás e Biocombustíveis) $821,000 in required signature bonuses. 

Funding Updates: 

The Company also confirms that, further to the fundraising announced on 28 March 2023, it has now received the full proceeds of £1,055,515 and that accordingly the final tranche of the placing (the "March Shares"), 130,147,004 ordinary shares will now be issued.   

The Company also confirms that, further to the fundraising announced on 24 May 2023, it has received £226,958 in cash to date, completing tranches 1 and 2, and that accordingly 50,489,500 relating to tranche 1 and an additional 6,250,000 shares relating to tranche 2 (the "May Shares") will now be issued.  As announced on 24 May 2023 and 2 June 2023 application has been made for 50,489,500 new ordinary shares, to be admitted to trading on AIM and it is expected that their admission to AIM will take place on or around 19 July 2023. Additional announcements will be made regarding tranches 3 and 4 of this fundraising when they come due.      

Total Voting Rights:

Application will be made for the March Shares and the May Shares, 136,397,004 new ordinary shares in total, to be admitted to trading on AIM and it is expected that their admissions to AIM will take place on or around 19 July 2023. 

Following Admission the Company's total issued share capital will consist of 1,460,583,238 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 1,460,583,238 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:

James Parsons                                                                                    Corcel Plc CEO

[email protected]                                                                           

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.