Corcel plc’s shareholder Extractions Premium & Mining Ltd has entered a put option agreement with Richard Jennings and cancelled the call option from February 2024.
Under the terms of the agreement, Mr Jennings has the right from 16 April 2024 until 1 September 2024, to sell up to 99 million ordinary Corcel shares to EXT.
The amount represents 4.87% of the ordinary shares currently in issue, at £0.0075 per share.
The price is a 142% premium to the most recent closing price of Corcel’s shares.
EXT holds 21.26% shares in Corcel, whose chairman owns 45% in EXT.