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Corcel PLC said on Tuesday it completed an equity placing with an oil & gas focused cornerstone investor group.
Corcel is a London-based mining and mineral resource development company with interests in flexible energy storage and production. It manages operations in Papua New Guinea, Canada, Australia, and the UK.
The company said it executed a £1.1 million share placing with an investor group and will issue 301.6 million shares at £0.0035 to investors supportive of Corcel’s recent pivot to oil and gas.
Investors will also receive a total of 2.1 million warrants enabling the owner to purchase new ordinary shares at a price of £0.008 per share for a period of twenty-four months.
Corcel also reported that shareholder Antoine Karam has been nominated as non-executive of the company’s board and will hold 9.6% of Corcel’s shares through a dedicated investment company.
Shares were up 2.5% at 0.32 pence in London on Tuesday afternoon.
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