Corcel Share Discussion Threads

[kemche] 08/12/2023 13:46

$3m in the bag!

[dead duck resources] 08/12/2023 13:39

Just how much debt does CRCL have? The results on 30/11 were wibbling about new mgmt clearing the decks and the balance sheet being debt free for the first time in years..

-$1,600,000 loan from IBM received in October according to Z1CO
-£1,000,000 convertible loan 1 from Extraction already drawn down
-£1,000,000 convertible loan 2 from Extraction on or before January 1st

[z1co] 08/12/2023 13:37

This is all about Coiln 2 being drilled towards the target depth and then being flow tested.

Duck will keep posting lies that's his nature.

[z1co] 08/12/2023 13:34

Duck you post lies all the time.

Give it a rest and stop making a fool of yourself.

Market reaction is a better judge than you.

[dead duck resources] 08/12/2023 13:31

More debt?

prior to initiating the pre-emption, [the buyer] will loan CRCL $1.6M of the potential proceeds to ensure the Company is properly capitalised for near-term Angola operations

Since that was to cover the near-term Angola activity it will already have been spent.
Hence the need for Extraction srl to advance another £1M CLN in the next few weeks to cover the bills for the 2nd well.

Talk of $3m to come from Mambare is moot if proceeds were already received as a loan.
The balance to be received 'if' the Aussie partner plays ball. But we know they won't.

[z1co] 08/12/2023 13:23

Just for you DUCK;

Sale of Mambare Nickel/Cobalt Interest

16 October 2023

Corcel Plc (London AIM: CRCL), the Angolan focused exploration and production company, announces that it has received a revised offer from Integrated Battery Metals ("IBM") to purchase the Company's 41% interest in the Mambare nickel/cobalt project.

Proposed Transaction Terms:

IBM has conditionally agreed to purchase Corcel's 41% interest in the Mambare nickel/cobalt project (including the outstanding shareholder loans due to Corcel by Oro Nickel Limited, the operational joint venture entity) for up to US$4.1M, broken out as follows:

o US$1.6M due at completion of the sale and purchase of Corcel's 41% interest in Oro Nickel Vanuatu("ONV"), the project holding company

o Also at completion, a further US$1.4M payable in cash or the issuance of 1.5M shares of IBM at an issue price of USD1 per share at the discretion of Corcel

o 24 months after completion a further payment of US$1.0M either in cash or in IBM shares (at the sole discretion of Corcel); The IBM shares are to be valued as follows:

o If listed, then priced at the 5-day volume weighted average price on the last five days prior to the 2(nd) anniversary or;

o If IBM is not publicly listed then USD1.0 per share

o Separately, and not included in the main transaction, US$0.148M for the sale and purchase of Corcel's gross smelter royalty in respect of the Mambare nickel/cobalt project

Antoine Karam, Executive Chairman of Corcel, commented: "This proposed revised transaction offers a new and enhanced exit of the Mambare asset, at a significantly higher valuation than the original deal, while still providing on-going exposure to the underlying nickel asset in the form of a potential interest in IBM. We strongly recommend that all shareholders of Corcel support the resolutions at the upcoming General Meeting to allow this proposal to be consummated.

More broadly, this agreement demonstrates our clear strategic focus on our oil and gas opportunities as well as providing key near term funding for the Company's operations in Angola. We look forward to results from the initial well there, while allowing the pre-emption process relating to the Mambare exit adequate time to conclude."

Loan Note:

To ensure the Company is properly capitalised for its near term operations in Angola, upon signature of the SPA (i.e. prior to initiating the pre-emption as outlined below and prior to formal completion), IBM will provide Corcel an unsecured loan of US$1.6M which will be interest free and repayable upon either the completion of the sale of Corcel's 41% interest in ONV or in the event that Battery Metal's Australasia's ("BMA") (Corcel's partner on the Mambare project) pre-emption rights are not waived, then the conclusion of the transaction with BMA. If the loan is repaid later than 10 business days via BMA's pre-emption, then the loan will attract an interest rate of 6%.

If the loan is not repaid by the 2(nd) anniversary of the drawdown of the loan, IBM will be released from all its payment obligations from the sale of the Company's Wowo Gap project, as previously announced on 12 June 2023, and the loan will be deemed to have been repaid in full.

The Company's interest in Mambare was most recently held in the interim balance sheet at GBP3.27M and the attributable losses for the year ended 30 June 2022 were approximately GBP7,075.

Completion Process:

In view of the size of the disposal relative to the existing size of the Company, the disposal constitutes a fundamental disposal in accordance with rule 15 of the AIM Rules for Companies. The sale of the Wo Wo Gap Nickel Project announced on 12 June 2023 was to the same vendor and within the last 12 months, it thus needs to be aggregated with the current disposal in accordance with rule 16 of the AIM Rules for Companies. As such, it is a requirement of the AIM Rules for Companies that the disposal be approved by Shareholders at a general meeting of the Company. The Company will convene a General Meeting in due course.

Following Corcel shareholder approval, the Company will formally notify BMA of a bonafide offer for its interest, starting a 45-day period in which BMA can legally pre-empt the transaction. Additional announcements on the completion of the sale will be made as appropriate.

Consequently the disposal is conditional on shareholder approval and the non exercise of the pre-emption right by BMA.

Initial Mambare Offer Termination:

The Company has mutually agreed with IBM to terminate the original offer for the Mambare asset as announced on 1 March 2023. As such, BMA has been formally notified that the Company has rejected its claim to have accepted pre-emption of the original transaction, as the proposal put forth by BMA did not fully match the various elements included in the original transaction, and included elements, such as the Company's gross smelter Royalty (the "Royalty"), that did not fall under any pre-emption rights available to BMA under the original 2011 Shareholder and Funding Agreement between the parties.

Sale of Royalty Interest:

Corcel has further agreed with IBM to sell its 1% Gross Smelter Royalty over the Mambare Nickel/Cobalt project for US$0.148M. As this interest is not subject to BMA's pre-emption rights, the sale of the royalty will conclude immediately.

[dead duck resources] 08/12/2023 13:18

Z1CO, the notice of general meeting said the following;

SSP Completion will be conditional on (i) Resolution 1 being passed at the Meeting,
and (ii) JV partner Battery Metals waiving its Pre-emptive Rights as defined below.

Rights of Battery Metals
Under the 2011 agreement, if wishing to sell its Mambare interest the Company must first offer the JV partner the opportunity to buyout the interest on the same terms offered to a third party. It will have 45 days to either waive the Pre-emptive Right
or exercise it. If waived, the Company can then proceed with the Mambare Sale to IBM.


So we won't know if the Mambare sale is approved until Jan 23rd 2024. If the Aussies exercise its right they will then delay things and benefit themselves by negotiating with the buyer, and then offer CRCL a minority stake in the new JV vehicle, no cash.

[z1co] 08/12/2023 13:06

$3m cash is very good news for this company and NOT so good for DDR!

Nice try duck

[z1co] 08/12/2023 13:05

Market reaction is also POSITIVE.

[dead duck resources] 08/12/2023 13:05

Quite right, I misspoke.

By no means will they put a spanner in CRCLs deal by agreeing their own deal with the
buyer for its 59%, whilst offering to buy out CRCLs 41% for shares in the new vehicle
which they have every right to do as part of their pre-emption.

[z1co] 08/12/2023 13:03

DDR

Wow that's a complete LIE from you.

It's been approved by the shareholders at the GM and there is nothing you can do anything about it , other than post lies.

Pathetic1

$3m is coming to company upon completion.

[kemche] 08/12/2023 12:53

Because they will to help out CRCL that's why.

[dead duck resources] 08/12/2023 12:51

The disposal of Mambare won't be 'approved' unless the JV partner waives their rights.
They refused to earlier this year, why would they act any differently this time round?

[helpfull] 08/12/2023 12:49

Can't buy 100,000,000 shares.

NT is all over this

I remember when Scottie and Parsons were in charge.

They used to give away 100,000,000 shares a day.

Better days.

Be careful.

[z1co] 08/12/2023 12:48

Ooops this rise is for the disposal of Corcel's 41% interest in the Mambare nickel/cobalt project and the Extraction Loan Notes.

It has been approved at the GM today.

All good news more cash in the kitty very soon.

The bigger rise regarding the two Colin gushers yet to happen.

[kemche] 08/12/2023 12:13

Agreed. Then the whooshing.

Brazil next.

[z1co] 08/12/2023 12:08

Colin 2 target depth by end of this month and then the fireworks will start.

Patience is required.

[kemche] 08/12/2023 11:58

Looks like it Zico.

I continue to average down.

Leni and Pharmacal all over this now.

[z1co] 08/12/2023 11:12

It looks like Colin 2 will be huge a gusher even bigger than Colin 1 :)

Shares are no-brainer at sub 0.50p.

[z1co] 08/12/2023 11:07

What's happening wibble :)

[helpfull] 01/12/2023 12:06

There's no point in trying to deramp Corcel to lower the share price.

Scottie is still pulling the strings in the background.

Leave him do what he does best.

His track record is second to none.

Be careful.

[z1co] 01/12/2023 10:24

DDR

Your attempt to deramp is not working the share price is UP slightly this morning.Colin 2 is being drilled towards the target depth

It's all about what the flows will be.
The drilling results for Coiln 1 well were positive, with oil shows found throughout the Binga reservoir in alignment with the distribution seen in historic production wells in the Tobias field, confirming the ability to reactivate production in the field

How much will these Colins guuuush !

It's gone to full offer to buy at 0.48p.