Issue of Convertible Loan Notes
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MetalNRG (LON:MNRG), the natural resources and energy investment company, announces that is has raised £223,000 via the issue of convertible loan notes ("CLNs"). The CLNs carry a 15% per annum coupon and are convertible upon the earlier of the Company completing a transaction classified as a reverse takeover under Listing Rule 5.6.4 or two years from the date of issue. The CLNs are also subject to customary events of default.
The funds raised through the issue of the CLNs, together with an additional unsecured short-term loan of £150,000 that has been provided to the Company, will be used to undertake specific due diligence work on projects that have been identified as potential reverse takeover targets for the Company and for general corporate purposes.
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