Corcel Share Discussion Threads

[kemche] 20/12/2021 12:15

Let's just have the bloody fundraising FFS!

[mrzippo] 14/12/2021 19:45

Its great to have Hedgie back. I missed him. This board needs him.

[kemche] 14/12/2021 15:09

Yes.

Because that is how it works.

[hedgehog 100] 14/12/2021 15:03

Helpfull,

As a Parsons-hater, there is some irony in your bashing campaign potentially helping our Chairman to get cheaper CRCL shares than otherwise!

The debt acquired by C4 hasn't been converted into CRCL shares yet, so let's see what the conversion price is.

Don't be surprised if it's converted at a premium to the current share price of 1.175p.

[helpfull] 14/12/2021 14:36

"C4 Energy Limited ("C4") has informed the Company of the purchase of £126,917 of principal and associated interest in the Company's debt"

No mention of how much C4 Energy and Parsons paid. Parsons and Corcel recently got control of WoWo Gap by buying debt of RMI at reduced cost. C4 Energy and Parsons might have paid a fraction of the face value of £126,917 principal/debt. If it was 33% of face value as an example (it could be 10% or 90%,who knows?) then when:

"C4 and the Company have agreed to convert the entirety of this position as soon as practicable with a voluntary 18-month lock-in period"

follows, C4 Energy and Parsons would be getting Corcel shares at a third of the price ordinary shareholders would pay. Not a level playing field. The executive chairman of Corcel, Parsons, knows how much was paid because he is a director of C4 Energy. But he isn't telling Corcel shareholders. Why not? Can shareholders ask?

The lenders have been given a sweetner: "£100,000 payment to reduce existing debt position" and warrants.

What about shareholders? No place for their noses in the trough? Be careful.

[lurker5] 14/12/2021 14:10

Align and Riverfort are in the same pram. Riverfort bailed out clueless Align (which lost packets investing in its own 'conviction' stocks) just so that its most clueless 'analyst' could puff Corcel beyond any intelligent share price. 'the company it chooses' is why even 'pigs get up and slowly walk away'. (And pigs are intelligent animals)

[kemche] 14/12/2021 14:09

"Obviously running a pre-revenue AIM business requires balancing the need for capital and the deployment of it."

Exactly how many years has this POS company been running "pre-revenue"? How long do they envisage running it "pre-revenue"?

This thing only EVER runs "post-fundraising".

Crystal clear!

[kemche] 14/12/2021 12:00

The Directors anticipate having to raise additional funding over the course of the financial year.

Having considered the prepared cashflow forecasts and the Group budgets, which includes the possibility of Directors reducing or foregoing their salaries if required, the progress in activities post year-end, including the anticipated fundraising of GBP390,000.

Material Uncertainty Related to Going Concern

We draw attention to Note 1.2 in the Financial Statements, which indicates that the Group is reliant on securing further financing to meet committed expenditure requirements and working capital needs as they fall due. As stated in Note 1.2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


Crystal clear.

[hedgehog 100] 14/12/2021 11:34

14/12/2021 07:00 UK Regulatory (RNS & others) Corcel PLC Debt Restructuring and Sale LSE:CRCL Corcel Plc

"Corcel, the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage, announces a partial sale of its corporate debt to an entity controlled by the Chairman and a restructuring of the remaining balance.

Highlights:

o C4 Energy Limited ("C4") has informed the Company of the purchase of GBP126,917 of principal and associated interest in the Company's debt

o C4 and the Company have agreed to convert the entirety of this position as soon as practicable with a voluntary 18-month lock-in period

o Corcel to make GBP100,000 payment to reduce existing debt position and has agreed with lenders to refinance the balance to 23 December 2022

o Corcel to issue lenders 3,800,000 36-month warrants with a GBP0.015 strike price

Scott Kaintz, the Company's CEO commented:

"We are very pleased by this vote of confidence in our battery led strategy demonstrated by our existing lenders and we look forward to welcoming our new shareholder, C4 Energy Limited. This restructuring gives Corcel the runway required to continue to execute its dual track strategy of developing battery metal assets alongside transitional energy storage and production projects.

With this restructuring completed and on-going progress at our nickel-cobalt assets in PNG and our gas-peaking assets here in the UK, we enter the year-end period in a strengthened position."

Debt Purchase and Conversion

As announced on 5 December 2019, the Company has an existing unsecured GBP846,115 (GBP729,272 principal plus GBP116,843 interest) corporate debt with Riverfort Global Opportunities PCC Limited ("RiverFort") and YA II PN Ltd ("YA II") which was due to expire on 23(rd) December 2021.

The Company has been informed that RiverFort and YA II have sold 15% of their debt position to C4 a UK incorporated private entity where James Parsons, Chairman of Corcel Plc, is both a Director and shareholder. C4 has agreed with the Company to convert this purchased debt and interest to equity as soon as is practical, after which C4 will then voluntarily elect to lock in for a period of 18 months.

Debt Restructuring

Corcel has also signed binding agreements with RiverFort and YA II to restructure the remaining GBP719,198 of principal and interest outstanding. Corcel will repay GBP100k of the principal immediately, with the remaining GBP619,198 continuing to draw interest at 8% per annum and be re-profiled. The parties have agreed a 12-month repayment holiday, to 23(rd) December 2022 and thereafter monthly repayments will begin for a six-month period. As consideration for the reprofiling, Corcel has issued YA and RF with a total of 3.8 million three-year warrants with a GBP0.015 strike price."




This restructuring takes away the nearer term funding uncertainty.

The worry that there might be a refinancing at a discounted share price has been removed.

And the Chairman James Parsons wishing to buy in is clearly very bullish.


Sometimes directors can't seem to win with share purchases.

If they buy a smaller amount, people dismiss it as unimportant.

But if they buy a larger amount, people try to spin that negatively too!


There's plenty of time now for the FGS proceeds to come in, though I'm sure that the directors will still wish to monetise these projects ASAP.

[dicko80] 14/12/2021 09:30

Yes agreed Kemche the only near term threat has not been taken away

with so many near term catalysts the share price will be much higher and much more cash in bank come December 2022

[kemche] 14/12/2021 09:15

This is huuuge news!

[dicko80] 14/12/2021 08:56

What for £127k !?

Lol !! Indeed

[apfindley] 14/12/2021 08:41

But is it fantastic?Restructuring of the debt by selling it to a company owned by the chairman.?I've seen this sort of situation before and it always ends badly. It's a back door to control and ultimately forced ownership which could end up seeing games played to take the assets away from shareholders.I thought things were looking good here, but now extreme caution is needed.Worrying rns, not fantastic.

[dicko80] 14/12/2021 07:57

FANTASTIC RNS !

Shareholders take your seats for take off

[kemche] 11/12/2021 17:04

You constantly humiliate me. Very hurtful let me tell you.

[kemche] 11/12/2021 12:19

"The Company has further decided to write-off its existing investment in Weirs Drove Development, owner of the Burwell Energy Storage project, as the project is currently working through potential delays relating to grid congestion and potential upgrades in the area. While the Burwell project may successfully progress to financial close, there remains uncertainty around the timeframe in which this is likely to occur.

The Company has also made judgements in respect of the success of licence renewals on the core projects."

[hedgehog 100] 10/12/2021 17:33

No, I agree with the auditors, and they haven't said anything unusual.

Let me challenge you to put your cards on the table Kemche:
Do you think CRCL will sell its Tring-Avonmouth-Burwell FGS assets in the near term: yes or no?

If yes, then how do you excuse your posting so dishonestly?

If no, then why not?

[kemche] 10/12/2021 17:12

And yet the auditors beg to differ from your deep analysis.

Curious!