Corcel PLC Acquisition of Wo Wo Gap Nickel-Cobalt Project (4221I)
12 Agosto 2021 - 1:00AM
UK Regulatory
TIDMCRCL
RNS Number : 4221I
Corcel PLC
12 August 2021
Corcel PLC
("Corcel" or the "Company")
Acquisition of Wo Wo Gap Nickel-Cobalt Project
12 August 2021
Corcel Plc, a natural resource exploration and development
company with interests in battery metals and flexible energy
generation and storage, announces that it has signed a binding but
conditional share purchase agreement with Australian-registered
Resource Mining Corporation Limited (ASX: RMI) ("RMI") to acquire
100% of the issued share capital in Australian-registered Niugini
Nickel Pty Ltd, which owns 100% of the Wo Wo Gap nickel-cobalt
project in Papua New Guinea ("Project"). As consideration for the
acquisition, the Company is releasing all liabilities and
obligations in connection with its AUD 4,761,087 senior debt
position in RMI.
The transaction remains conditional on RMI obtaining shareholder
approval at a general meeting, which is expected to be convened by
RMI shortly.
Wo Wo Gap Project Details
The Project is located 200km from the Papua New Guinea capital
of Port Moresby and some 150km southeast of the Company's existing
Mambare asset. The Company sees significant synergies between the
two projects and sees this acquisition as a significant step in its
evolution into a leading Papua New Guinea battery metal and nickel
/cobalt exploration company with material scale in country and the
region.
Exploration at the Project dates back to the 1950s and has
consisted of multiple drilling programmes, including diamond
drilling, wacker holes and ground penetrating radar activities.
Project activity of late has focused on maintaining commitments for
the exploration licence, including site-based activities such as
maintenance of the existing infrastructure and equipment, so as to
facilitate a ready state for future exploration and development
which is likely to be focused on a potential direct shipping ore
operation.
The Project is held through one tenement in Papua New Guinea, EL
1165, which expired on 28 February 2020 and is currently under
reapplication for a further 2-year period.
In the year ended 30 June 2021 Niugini Nickel Pty Ltd had an
operating loss of 501,080 Papua New Guinea Kina (approximately
GBP100,000) .
James Parsons, Chairman, commented:
" We are delighted to have secured direct ownership of the Wo Wo
Gap Nickel / Cobalt project subject to approval of RMI
shareholders,which positions Corcel as a leading PNG Battery Metal
exploration company with genuine scale in both the country and the
wider region - this is the culmination of a key part of our long
term strategy to build our presence and progress towards creating
material value in Papua New Guinea.
Today's news marks further progress as we continue to develop
our portfolio of high upside battery metal exploration projects
alongside our low risk energy generation and storage projects in
the UK. Our strategy remains to support the every-accelerating
decarbonisation of the economy by operating at the intersection of
battery metals and their end use in flexible energy."
For further information, please contact:
Scott Kaintz 020 7747 9960 Corcel Plc CEO
James Joyce / James Sinclair-Ford 0207 220 1666 WH Ireland Ltd NOMAD & Broker
Simon Woods 0207 3900 230 Vigo Communications IR
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Regulation (EU) 596/2014.
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END
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