Corcel plc has raised £200,000 gross from issuing 50,000,000 new ordinary shares of £0.0001 each at £0.004 to its proposed joint venture partner Shangdong New Power COSMO AM&T (NPC).
The company has also issued one warrant for every one share exerciseable at £0.005 at any time over the next year.
On admission, the company’s total issued share capital will comprise 580,208,295 ordinary shares, with one voting right per share. The company holds no shares in treasury.
Following completion of the fundraise, NPC will have the right to nominate non-executive director, Mr Yan Zhao, to Corcel’s board.
USES
Corcel intends to use the proceeds for working capital and to fund the costs associated with potential acquisitions.