Prospex Energy plc has issued £565,000 in unsecured convertible loan notes to existing and new investors, including the company’s directors, as part of a proposed fundraise of up to £1.6 million.
DIRECTORS’ DEALINGS
Directors who participated in the 19 December fundraise include non-executive chairman Bill Smith for £25,000, independent non-executive director Alasdair Buchanan, £25,000; chief executive officer Mark Routh, £10,000; independent NED Andrew Hay, £20,000; and chief operating officer Richard Jameson, £65,000.
The CLN, of £1 each and convertible at three pence per ordinary share, are due at the end of June 2028. The offer remains open until 9 January 2026.
Prospex said that “forecast increased gas production” from its three projects of Selva Malvezzi in Italy; Viura in northern Spain; and El Romeral power plant in southern Spain.
Directors and existing shareholders subscribed for £300,000, while Viura field operator and majority owner Heyco Energy Group Inc, subscribed for £200,000 which fulfills the June cash call which Prospex said it did not pay at the time.
A total of £65,000 of loan notes were issued to cover a cash advance for the deposit on ordering a new transformer at El Romeral.
Of the loan notes on offer, Prospex will use £235,000 to pay the balance of the new El Romeral transformer during the third quarter of 2026.
“The proceeds of the loan notes will mostly be used to fund the company’s 37% share of the 3D seismic acquisition on the Selva Malvezzi production concession in Italy,” added CEO Mark Routh.
“A minimum of £800,000 is required to cover the cash calls in respect of this asset received and to be received from the operator.”