Prospex Energy plc has issued just over 14 million new ordinary shares to settle £642,000 in convertible loan notes (CLNs) from last year.
The company yesterday received notices to convert £453,562.27 in four CLNs in exchange for 10,672,055 new ordinary shares of 0.1p each in the company.
The CLNs, issued in July 2022, are convertible at 4.25p per share.
Chief executive officer Mark Routh said that, of the £1.87 million 4.25p CLNs, only two of the original 28 loan note holders were yet to convert their loans and interest into Prospex shares.
The company today also agreed to settle £188,745.25 in three CLNs issued in September 2022 in exchange for 3,431,734 new ordinary shares of 0.1p each in Prospex.
The CLNs, issued to three individuals, are convertible at 5.5p per share.
On admission of both sets of issued shares, Prospex will have a total 326,707,149 ordinary shares in issue.