Exercise of Warrants, Conversion of Directors advances and Convertible loan notes, Issue of Equity and Directors’ Shareholdings
MetalNRG (LON:MNRG), the natural resource investing and exploration company, announces today that, as a result of the exercise of warrants, the conversion of Directors’ advances and the conversion of convertible loan notes (“CLNs”), 50,637,167 new MetalNRG ordinary Shares (the “New Shares”) have been issued to investors including Directors and Officers of the Company.
Exercise of Warrants
38,999,999 warrants have been exercised at an exercise price of 0.6 pence per share and 38,999,999 New Shares have been issued.
Conversion of Directors’ advances
£45,000 of Directors’ advances have been converted into MetalNRG Ordinary Shares at a conversion price of 0.678 pence per share, being equal to the average closing volume weighted share price (“VWAP”) over the 5 previous trading days ending 29th January 2021. 6,637,168 New Shares have been issued as a result of this conversion.
Conversion of CLNs
£30,000 of CLNs have been converted into MetalNRG Ordinary Shares at a conversion price of 0.6 pence per share. 5,000,000 New Shares have been issued as a result of this conversion.
Following the issue of the New Shares, the shareholdings of the Directors and Officers are as follows:
Admission of New Shares to trading on the Main Market of the London Stock Exchange
Application will be made for the New Shares to be admitted to listing on the Standard segment of the Official List and trading on the London Stock Exchange’s Main Market for listed securities (“Admission”). Admission of the New Shares is expected to occur on or around 9th February 2021.
The New Shares will rank pari passu with the existing ordinary shares of the Company.
Total Voting Rights
For the purposes of the Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), following the issue of the New Shares referred to above, the issued ordinary share capital of MetalNRG will consist of 435,379,932 ordinary shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, MetalNRG under the DTRs.
