TIDMMNRG

RNS Number : 3921A

MetalNRG PLC

02 February 2022

2 February 2022

MetalNRG plc

("MetalNRG" or the "Company")

ISSUE OF CONVERTIBLE LOAN NOTES

MetalNRG (LON:MNRG), the natural resources and energy investment company , today announces that it has agreed to issue up to GBP200,000 of Convertible Loan Notes ("CLN") to Global Investment Strategy UK Limited ("GIS").

The CLN carry the following conditions; the CLN are fixed rate, unsecured loan notes carrying a simple, non-compounding interest rate of 10% per annum (accruing on a daily basis).

The CLN are repayable, if not previously converted, on the applicable maturity date. The maturity date will be , either:

(a) the date falling 6 months after the date of execution of the CLN instrument or

(b) the date of the first material equity fund raising by the Company following the date of execution of the CLN instrument.

Holders of the CLN may convert the principal and interest into new ordinary shares in the capital of MetalNRG ("New Shares") at a price equal to a 20% discount to the average price at which New Shares are issued by MetalNRG.

The CLN instrument contains customary events of default and should an event of default occur, the conversion price will be equal to the nominal value of MetalNRG ordinary shares.

Conversion of the CLN is subject to the Company maintaining sufficient headroom within the Company's share authorities or, if required, the Company filing a secondary prospectus which will enable the admission to listing and trading of the further New Shares to be issued on conversion.

A copy of the CLN Instrument will be posted on the Company's web site.

Contact details:

 
 MetalNRG PLC 
  Rolf Gerritsen 
  Christopher Latilla-Campbell     +44 (0) 20 7796 9060 
 Corporate Broker 
  PETERHOUSE CAPITAL LIMITED 
  Lucy Williams/Duncan Vasey       +44 (0) 20 7469 0930 
                                 ---------------------- 
 Corporate Broker 
  SI CAPITAL LIMITED 
  Nick Emerson                     +44 (0) 1483 413500 
                                 ---------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFFFVLFTILIIF

(END) Dow Jones Newswires

February 02, 2022 02:00 ET (07:00 GMT)

Metalnrg (LSE:MNRG)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Metalnrg Charts.
Metalnrg (LSE:MNRG)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Metalnrg Charts.