Prospex Energy plc has raised £500,000 via the issue of unsecured convertible loan notes to existing and new investors.
SUBSCRIBERS
The company said that the loan notes had been issued to three individual subscribers.
The loan notes hold 15% interest and are convertible into new ordinary shares at a price of 5.5p at any time at the election of the investor.
The proceeds complete the company’s share of funding development to first gas production at the Selva field on the Podere Gallina permit in the Po Valley, Italy. Funds will also go towards working capital.