Corcel plc has raised £2,717,000 via the issue of 1,698,125,000 new ordinary shares of £0.0001 each at a 6.7% premium price of £0.0016 per share.
TVRs
The fundraise is with strategic investors with “significant” experience in the oil and gas sector.
Each investor will receive one warrant for each placing share to subscribe for one new ordinary share in the company at a price of £0.00225, for a period of twenty-four months.
Corcel is also issuing 16,218,750 shares to its broker, Auctus Advisors LLP, as fees for organising the fundraise.
Following admission of the 1,698,125,000 placing shares and the 16,218,750 fee shares, the company’s total issued share capital will consist of 5,558,678,731 ordinary shares, each with with one voting right.
Corcel holds no ordinary shares in treasury.
Net proceeds will go towards its assets onshore Angola by increasing its interests in the Kwanza Basin and new seismic data, and its operations onshore Brazil.