Corcel plc raised £466,000 at a 95% premium to the current share price from private Australian investment company AUSPECT Investment PTY Ltd.
AUSPECT was introduced by the company’s proposed director Mr Yan Zhao who is a non-executive director of Corcel’s proposed joint venture partner Shangdong New Power COSMO AM&T (NPC).
Corcel issued 116,500,000 new ordinary shares of £0.0001 at £0.004 per share to AUSPECT.
The company also issued the equity investor with one warrant for every one share exerciseable at £0.005 per new warrant share at any time over the next three years.
Corcel said that AUSPECT intended to distribute the shares to a Hong Kong registered company with the same name, once established.
SHARE CAPITAL
Following the company’s recent acquisition of the Mt Weld project involving 50m shares, and on admission, Corcel’s total issued share capital will comprise 630,208,295 ordinary shares, each with one voting right.
On admission of the 116,500,000 new ordinary shares, the company’s total issued share capital will consist of 746,708,295 ordinary shares each with one voting right.
The company holds no shares in treasury.
USES
Corcel will use the proceeds to complete the retirement of the corporate debt due in March 2023 as well as to develop additional opportunities in the battery metals space.