Corcel plc received notice to convert its outstanding £750,000 convertible loan notes plus interest into 98,917,808 new ordinary shares of the company at a price of £0.008.
DIRECTORS
The company said that the notice from Extraction Premium and Mining Ltd (EXT) retired the current balance of the facility in full.
EXT, incorporated in the UK, is 100% owned by Italian company Extraction Srl in which Corcel chairman Antoine Karam has a 45% interest.
The remainder of the loan potentially available for future drawdown is subject to mutual agreement by both parties.
After conversion, EXT will hold 432,555,025 shares in the business representing 24.37% of the business.
Following admission, Corcel’s issued ordinary share capital will comprise 1,774,794,153 ordinary shares, with equal voting rights. None of the ordinary shares are held in treasury.
Mr Karam, who will indirectly hold 194,649,761 shares, is one of two directors of EXT along with Giovanni Colangelo who is the sole director of Extraction Srl.
Corcel said that Extraction Srl and EPM were investment companies formed in 2023 with a mandate to invest across the natural resources sector.
“The company has been formally notified that, in view of Mr Karam’s position on the board of directors of Corcel, Mr Karam and Mr Colangelo as directors of EPM have resolved that Mr Karam will recuse himself from any consideration or decision by EPM in relation to any dealings in ordinary shares in Corcel or the exercise of any of the warrants or loan notes, with the consideration of any such dealings or exercise, and any decisions in relation to such dealings or exercise, being made solely by Mr Colangelo without discussion or consultation with Mr Karam.
“The company understands that, as Mr Karam is not on the board of Extraction Srl, any decisions by that company in relation to its investments can be made solely by Mr Colangelo.”