Reabold Resources plc will sell half of the convertible loan notes (CLNs) in investee Corallian Energy Ltd to help fund a draft field development plan for the Victory gas field, West of Shetland.
MONETISATION
The sale is to “a group of strategic investors” in exchange for £500,000 cash, with Reabold retaining £500,000 of the CLNs.
“We’re pleased to be selling £500,000 of our convertible loan notes in Corallian to a group of strategic investors,” said Reabold co-chief executive Stephen Williams.
“Their support for an IPO, RTO or other listing alternative for Corallian is consistent with our monetisation goal once Corallian has created further value.”