Prospex Energy plc received notices to convert a total £109,043.57 in the final two of a group of convertible loan notes into 2,565,732 new ordinary shares each of 0.1p in the company.
The CLNs, issued in July 2022, are convertible at 4.25p per share.
On admission, the company will have 329,272,881 ordinary shares in issue.
“These last two conversions mark the end of all the £1.87 million convertible loan notes issued in July 2022 convertible at 4.25p per share, including all accrued interest,” said chief executive officer Mark Routh.
“This completely clears the debt of this loan note instrument, strengthens our balance sheet and further improves our cash position.”