Corcel plc’s new chief executive officer James Parsons has chosen to receive part of his salary for the next six months in new ordinary shares in the company.
A total of 12,447,965 new ordinary shares were today issued to Mr Parsons at £0.004 per share, being a 29% premium to the closing price on 13 June 23.
The company said it had also agreed to settle other historic employee obligations by issuing of 2,425,863 new ordinary shares at a price of £0.004 per share.
On admission of 14,873,828 new ordinary shares, Corcel’s total issued share capital will consist of 1,324,186,234 ordinary shares, each with one voting right. The company holds no shares in treasury.