MetalNRG PLC (LSE:MNRG) announced it has raised £244,000 through the issue of convertible loan notes, with proceeds earmarked for specific operational and legal due diligence work on projects that have been identified as potential reverse takeover targets for the company.
The company, in a stock market statement, noted that the CLNs carry a 15% per annum coupon and are convertible into new ordinary shares in the company, at a 20% discount to the prevailing share price.
They convert upon the earlier of the company completing a reverse takeover transaction or two years from the date of issue.