MetalNRG (LON: MNRG), a natural resources and energy company, has announced the raising of £244,000 through the issuance of convertible loan notes (CLNs).
These CLNs carry an annual coupon rate of 15% and can be converted into new ordinary shares of the Company at a 20% discount to the prevailing share price. The conversion will occur either upon the Company completing a transaction classified as a reverse takeover under Listing Rule 5.6.4 or two years from the issue date. The CLNs are also subject to standard default events.
The funds raised will be utilized for specific operational and legal due diligence on projects identified as potential reverse takeover targets for the Company, as well as for general corporate purposes.
Rolf Gerritsen, Executive Director, is responsible for releasing this information on behalf of the Company.
