Corcel plc received notice to convert £250,000 of its outstanding convertible loan notes and associated interest into 32,061,643 new ordinary shares of the company at a price of £0.008.
The notice from Extractions Premium & Mining Ltd, of which Corcel executive chairman Antoine Karam owns 45%, leaves the principal balance of the CLNs at £750,000.
Following the conversion, Mr Karam owns 150,136,747 of indirect ordinary shares in Corcel, equal to 8.99% of the issued share capital, and 94,996,305 warrants.
On admission, the company’s issued ordinary share capital will comprise 1,670,876,345 ordinary shares, each with voting rights, and none held in treasury.