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Corcel PLC - oil exploration and production in Angola and Brazil - Raises £1.1 million via placing at 0.34 pence per share. The placing is led by Toronto-based Purpose Global Resource Fund, who joins as a new institutional shareholder. The round also included follow-on investment from Charlestown Energy Partners, based in New York. Corcel Chief Executive Scott Gilbert, Executive Director and Chief Strategy Officer Geraldine Geraldo, Independent Non-Executive Chair Pradeep Kabra, and Independent Non-Executive Director Andrew also participated in the placing, collectively subscribing for 9.6% of the total amount raised. Proceeds are to be deployed towards the execution of a 2D seismic programme at KON-16, onshore Angola in the third quarter.
Current stock price: 0.38 pence, closed up 1.3% in London on Tuesday
12-month changed: more than doubled
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