Corcel plc’s chairman has converted £128,586 debt into 8,572,400 new ordinary shares, locked up for 18 months, to fund the company’s projects in Canada and Papua New Guinea.
LOAN
The debt was converted by C4 Energy Ltd, controlled by chairman and director James Parsons.
Mr Parsons has now increased his indirect interest in Corcel through the indirect ownership of 2,143,100 new ordinary shares, issued as part of the C4 debt conversion.
Corcel last week also announced a new combined debt and equity funding solution of up to £1,050,000.
The unsecured loan note facility with Align Research and Riverfort Global Opportunities PCC Ltd is for a total £450,000.
The loan will be drawn down in tranches beginning with an immediate £250,000 and the balance in equal monthly instalments until May 2022.
Corcel also agreed an equity share agreement with Align Research which has the right to subscribe for a maximum of £600,000 of new ordinary shares of Corcel at a minimum price of £0.015 over a ten-month period.
Corcel has exploration interests in nickel-cobalt at Mambare and nickel at Wowo Gap as well as vanadium in the Northern Yukon.
The company is also developing energy storage and production projects in the UK.