Corcel plc has raised £500,000 from the issue of 500,000,000 new ordinary shares of £0.0001 at £0.001 per ordinary share with high net worth investors.
The fundraise follows Extraction Srl and a third-party’s inability to provide funds within time for the 15 April equity placing.
The 180,000,000 ordinary shares and 180,000,000 warrants which were due to be issued to the subscribers in the placing will no longer be issued.
Corcel intends to use the funds raised to continue building “a stable financial foundation” into the second half of 2024, working capital and operations including geological and geophysical work in Angola, and business development in Brazil.
Following admission, the company’s total issued share capital will consist of 2,458,300,515 ordinary shares, each with one voting right. Corcel holds no shares in treasury.