Convertible Loan Notes

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

7 October 2022 

MetalNRG plc

MetalNRG plc ("the Company") announces that as part of the Convertible Loan Note entered into with Global Investment Strategy UK Limited ("GIS") on 2 February 2022, EQTEC Plc (EQTEC) acted as guarantor in case of late payment or default by MetalNRG.

EQTEC transferred £100,000 in value of MetalNRG shares to GIS (being 100,000,000 Ordinary Shares at an average price of 0.1p per share after costs) on 3 October 2022 in satisfaction of its guarantee obligations to GIS.

As a result of the transfer in ownership of those 100,000,000 Ordinary Shares, EQTEC's holding in MetalNRG has decreased from 13.31% to 5.02% of the issued voting share capital of the Company.

This has resulted in the Company's obligations to GIS falling from £158,663.09 to £ 58,663.09.

MetalNRG has simultaneously issued £100,000 of zero coupon unsecured convertible loan notes to EQTEC (the "CLN"). The CLN gives EQTEC the right to convert £100,000 worth of shares when the Company has available headroom and/or when a prospectus is issued. The resultant Ordinary Shares will convert at the then prevailing market price or at the price that any funds are raised in connection with the issue of a prospectus.

The purpose of the CLN is to allow EQTEC to re-establish its equity position in MetalNRG at approximately the same level as that existed prior to the discharge of the GIS liability.

Rolf Gerritsen commented, "we are very grateful for EQTEC's ongoing support and continue working with them in a positive manner".

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