Corcel PLC

("Corcel" or the "Company")

 Exercise of Warrants - Loan Conversion - Debt Retirement - Total Voting Rights

27 September 2023

Corcel Plc (London AIM: CRCL), the pan Angolan/Brazilian Oil and Gas company, with interests across oil and gas and battery metals, is pleased to announce that it has received notice of the exercise of 75,000,000 warrants at a price of £0.0021 per share, for gross proceeds of £157,500, which have been credited to the Company's account. Accordingly, the Company has issued 75,000,000 new ordinary shares of £0.0001 each ("Warrant Shares") in the Company.

Further, the Company announces that it has received notice of the conversion of £100,000 of outstanding loan notes from its lenders, YA II PN Ltd and Riverfort Global Opportunities PCC Limited, into 25,000,000 new ordinary shares of the Company at a price of £0.004 per share. Accordingly, the Company has issued 25,000,000 new ordinary shares of £0.0001 each ("Conversion Shares") in the Company.

Finally, the Company announces that it has formally notified YA II PN Ltd and Riverfort Global Opportunities PCC, and has now repaid the balance of the corporate debt due following today's conversion notice.  This payment fully retires the facility, most recently announced on 30 January 2023.     

Antoine Karam, Executive Chairman of Corcel, commented: "The retirement of this legacy debt position alongside the convertible loan facility recently announced, continues the Company's transition to a new framework of funding our development.  We thank our warrant holders for helping facilitate this process through their conversion and for demonstrating their material support for our ongoing development."

Admission to Trading on AIM and Total Voting Rights

Application is being made for the Warrant Shares and the Conversion Shares, 100,000,000 in total, to be admitted to trading on AIM, the admission of which it is expected on or around 03 October 2023.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Shares, its issued ordinary share capital will comprise 1,599,528,988 ordinary shares.

All of the ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 1,599,528,988. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.

For further information, please contact:

Antoine Karam                                                                        Corcel Plc Executive Chairman

[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.