Corcel PLC - Angola and Brazil-focused oil exploration and production firm - Raises GBP500,000 through placing of 500.0 million new shares priced at GBP0.001 each. Says it intends to use the funds primarily to continue to build a stable financial foundation well into the second half of the year, financing its ongoing working capital requirements and operations, including geological and geophysical work in Angola and implementation of its business development initiatives in Brazil.

Corcel Interim Chief Executive, Scott Gilbert comments: "Today's fundraise will enable us to continue to pursue our strategy, where Angola and Brazil remain at its core."

Current stock price: 0.12 pence each, closed down 6.2% on Monday in London

12-month change: down 58%

By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.