MetalNRG has secured £246,000 through a share subscription priced at 0.1p, which is roughly 60% above the previous day’s closing mid-market price.
The newly issued shares account for about 16.66% of the company’s expanded share capital and include two warrants per share.
The first warrant can be exercised at the subscription price on a one-for-one basis, while the second is exercisable at 0.15p until November 15, 2026.
MetalNRG is currently exploring copper and gold projects as part of its strategy to reposition the company. It has shortlisted approximately ten projects, several of which could lead to reverse takeovers.
The company is in advanced discussions regarding one copper project. The funds raised will be used for due diligence and advisory expenses in preparation for a potential transaction.
