{"id":102091,"title":"MetalNRG plc (LON:MNRG) Convertible Loan Notes EQTEC Plc (EQTEC)","publisher":"Share Talk","author":"sharetalk","published":"2022-10-07T06:35:19+00:00","modified":"2022-10-07T06:35:19+00:00","canonical_url":"https://www.share-talk.com/metalnrg-plc-lonmnrg-convertible-loan-notes-eqtec-plc-eqtec/","markdown_url":"https://www.share-talk.com/metalnrg-plc-lonmnrg-convertible-loan-notes-eqtec-plc-eqtec.md","json_url":"https://www.share-talk.com/metalnrg-plc-lonmnrg-convertible-loan-notes-eqtec-plc-eqtec.json","category":"Energy","categories":["Energy"],"tags":["Australia","BritNRG","Christian Schaffalitzky","Gold","Imwelo","Lake Victoria","MetalNRG plc","MNRG","Rolf Gerritsen","Seth Dickinson","Share Talk","Tanzania","Tanzoz Minerals Ltd"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"**MetalNRG plc** (“the Company”) announces that as part of the Convertible Loan Note entered into with Global Investment Strategy UK Limited (“GIS”) on 2 February 2022, EQTEC Plc (EQTEC) acted as guarantor in case of late payment or default by MetalNRG.\n\nEQTEC transferred £100,000 in value of MetalNRG shares to GIS (being 100,000,000 Ordinary Shares at an average price of 0.1p per share after costs) on 3 October 2022 in satisfaction of its guarantee obligations to GIS.\n\nAs a result of the transfer in ownership of those 100,000,000 Ordinary Shares, EQTEC’s holding in MetalNRG has decreased from 13.31% to 5.02% of the issued voting share capital of the Company.\n\nThis has resulted in the Company’s obligations to GIS falling from £158,663.09 to £ 58,663.09.\n\nMetalNRG has simultaneously issued £100,000 of zero coupon unsecured convertible loan notes to EQTEC (the “CLN”). The CLN gives EQTEC the right to convert £100,000 worth of shares when the Company has available headroom and/or when a prospectus is issued. The resultant Ordinary Shares will convert at the then prevailing market price or at the price that any funds are raised in connection with the issue of a prospectus.\n\nThe purpose of the CLN is to allow EQTEC to re-establish its equity position in MetalNRG at approximately the same level as that existed prior to the discharge of the GIS liability.\n\n**Rolf Gerritsen commented,** “we are very grateful for EQTEC’s ongoing support and continue working with them in a positive manner”.\n\nEND\n\n**Contact details:**\n\nMetalNRG plc\n\nRolf Gerritsen\n\nChristopher Latilla-Campbell\n\n+44 (0) 20 7796 9060"}