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Corcel PLC on Wednesday announced a £600,000 fundraise including a placing and a broker option, as well as the implementation of cost saving measures.
Shares in the London-based mining and mineral resource development company were down 21% to 0.39 pence each in London on Wednesday morning.
The fundraise includes a placing of £336,000 at a price of £0.004 per share, with warrants exercisable at £0.005 per share.
It also includes a broker option to allow existing shareholders to participate in the fundraise on the same terms, up to a further £300,000.
If received in full, 159 million new shares will be issued.
Corcel also said that in light of challenging macroeconomic conditions and declining equity markets, it plans to implement cost saving measures. This includes a 50% reduction in all director remuneration for a period of three months as well as similar changes across the business.
‘This initiative is designed to ensure funds raised provide the maximum possible runway for the business amidst challenging market conditions and to continue to support and advance key operations, particularly at the company's nickel/cobalt assets in Papua New Guinea,’ Corcel explained.
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