IN BRIEF: Prospex Energy completes convertible loan note fund raise
Prospex Energy PLC - Europe-focused gas and power project investor - Receives more than GBP1.3 million subscriptions for its unsecured convertible loan notes offer. This includes GBP985,000 previously announced earlier this month. The proceeds funded the company's 37% share of the 3D‑seismic acquisition programme at the Selva Malvezzi production concession in Italy, which will enable the next stage of the development of the asset, which has "major potential". The notes are convertible at 3p per share at any time with interest of 12% per annum payable quarterly. The first two interest payments, on March 31 and June 30 this year, will be capitalised and added to the loan principal rather than paid in cash. The loan principal is to be repaid in three tranches at the end of December 2027, the end of March 2028 and the end of June 2028. "Prospex is very grateful for the support from investors for the loan note offering," says Chief Executive Mark Routh. Read More