16 November 2022
("Corcel" or the "Company")
Sale of Tring Road Peaker Project
Corcel Plc (London AIM: CRCL), the natural resource exploration and development company, with interests in battery metals and flexible energy generation and storage, announces that it has sold it's 40% interest in the Tring Road 50MW gas peaking project outside of Aylesbury to Terra Firma Ltd. The Company has agreed a sales price of £317,946, with £121,146 to be paid immediately and a further £196,800 at completion. The Company intends to use these funds, once received, to further reduce its recently restructured debt, as announced on 31 October 2022.
For the year ended 31 July 2021 the losses attributable to the asset were £425 and the investment was held in the Company's interim accounts balance sheet at £400,000 on 31 December 2021.
Scott Kaintz, CEO of Corcel commented:
"The disposal of the Tring Road Gas peaking project and the MOU in respect of the restructuring of the Company's PNG based battery metal interests through the proposed Singaporean joint venture with NPC announced in October, are significant milestones in the ongoing transformation of Corcel's business interests. We look forward to announcing further developments of these efforts in due course."
For further information, please contact:
Scott Kaintz 020 7747 9960 Corcel Plc CEO
James Joyce / Andrew de Andrade 0207 220 1666 WH Ireland Ltd NOMAD & Broker
Simon Woods 0207 3900 230 Vigo Communications IR
This announcement contains inside information under Article 7 of Regulation (EU) 596/2014.