Corcel PLC Director Cash for Equity Swap (3300O)

TIDMCRCL

RNS Number : 3300O

Corcel PLC

31 January 2023

Corcel PLC

("Corcel" or the "Company")

Director Cash for Equity Swap - Directors Dealings - TVR

31 January 2023

Corcel Plc (London AIM: CRCL), the natural resource exploration and development company, with interests in battery metals including nickel, cobalt, vanadium and rare earth elements, announces that Mr. Parsons, the Company's Chairman, has elected that, rather than draw a monthly cash salary, that he receive his remuneration for the next four months in stock of the Company.

Agreement Details and Directors Dealings

With a view to both reducing the Company's cash burn and ensuring alignment with the Company's shareholders, Mr Parsons, the Company's Chairman, has proposed and the Company has agreed, that his monthly salaries from February 2023 to May 2023 as well as certain historic obligations dating from 2021, will be paid in the form of new ordinary shares in the Company.

Accordingly, 16,910,618 new ordinary shares of the Company have today been issued to Mr Parsons at the closing price on 30 January 2023 of GBP0.00265. This reflects the net balance of the obligations which are being settled by this agreement.

Following the Agreement, the resultant Directors' shareholdings are as follows:

 
 
 Directors        Ordinary Shares          Total        % of Issued      Warrants    Options 
                                            Shares       Share Capital 
                  Direct       Indirect 
---------------  -----------  ----------  -----------  ---------------  ----------  ---------- 
 James Parsons    20,983,997   2,143,100   23,127,097   2.87%            2,381,250   9,587,764 
---------------  -----------  ----------  -----------  ---------------  ----------  ---------- 
 

Admission to Trading on AIM and Total Voting Rights

Application is being made to AIM for 16,910,618 shares to be admitted to trading on AIM, the admission of which it is expected on or around 3 February 2023.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Placing Shares its issued ordinary share capital will comprise 805,647,007 ordinary shares.

All of the ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 805,647,007. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.

For further information, please contact:

   Scott Kaintz                                                Corcel Plc CEO 

020 7747 9960

   James Joyce / James Bavister /Andrew de Andrade             WH Ireland Ltd NOMAD & Broker 

0207 220 1666

   Patrick d'Ancona                                            Vigo Communications IR 

0207 3900 230

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 
 1      Details of the person discharging managerial responsibilities 
         / person closely associated 
 a)     Name                                       James Parsons 
       -----------------------------------------  ---------------------------------- 
 2      Reason for the notification 
       ----------------------------------------------------------------------------- 
 a)     Position/status                            PDMR (Executive Chairman) 
       -----------------------------------------  ---------------------------------- 
 b)     Initial notification/Amendment             Initial Notification 
       -----------------------------------------  ---------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------------- 
 a)    Name                                    Corcel plc 
      --------------------------------------  ----------------------------------- 
 b)    LEI                                     2138009ECXQQ3EGKVY57 
      --------------------------------------  ----------------------------------- 
 4     Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      --------------------------------------------------------------------------- 
 a)    Description of the financial            Ordinary shares of GBP0.0001 
        instrument, type of instrument          each 
      --------------------------------------  ----------------------------------- 
       Identification code                     GB00BKM69866 
      --------------------------------------  ----------------------------------- 
 b)    Nature of the transaction               Purchase of ordinary shares 
      --------------------------------------  ----------------------------------- 
 c)    Price(s) and volumes(s)                 Price(s)           Volume(s) 
      --------------------------------------  -----------------  ---------------- 
    GBP0.00265                                                    16,910,618 
   -----------------                                             ---------------- 
 d)    Aggregated information                  N/A 
      --------------------------------------  ----------------------------------- 
  Aggregated volume                       N/A 
 --------------------------------------  ---------------------------------------- 
  Price                                   GBP0.00265 
 --------------------------------------  ---------------------------------------- 
 e)    Date of the transaction                 31 January 2023 
      --------------------------------------  ----------------------------------- 
 f)    Place of the transaction                AIMX 
      --------------------------------------  ----------------------------------- 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DSHBMMTTMTBJTAJ

(END) Dow Jones Newswires

January 31, 2023 02:00 ET (07:00 GMT)