MetalNRG PLC (LSE:MNRG) told investors it has raised £223,000 of new funds through the issue of convertible loan notes.
The notes carry interest of 15% per year and are convertible either in two years’ time or upon any reverse takeover transactions.
In January, the company reached an out-of-court settlement with BritENERGY Holdings LLP, BritNRG Limited and Pierpaolo Rocco. The formal agreement marks the end of ongoing and potential litigation, including those in the High Court and the Scottish Employment Tribunal.
In a short press release, MetalNRG said BritENERGY Holdings LLP has committed to paying it £20,000 as a contribution to legal costs.
BritENERGY Holdings has also agreed to acquire or find a buyer for MetalNRG's stake in BritNRG Limited for at least £180,000. An interim payment of £40,000 towards this has already been made.
Out in the field, the company recently saw encouraging exploration results which confirmed a "real gold and wider opportunity" in Nevada.