Business
Total CLN Funding Reaches £2m, 25% Above Target
Prospex Energy PLC has successfully raised £653,950 in an extended offering of unsecured Convertible Loan Notes, bringing the total CLN funding to £2 million, exceeding its £1.6 million target by 25%. These notes, due in June 2028, are convertible at 3p per ordinary share after one year, carry a 12% annual interest rate with the first two payments capitalized, and will be repaid in three tranches by June 2028. The net proceeds will fund ongoing activities and capital expenditures, with anticipated increased gas production expected to cover repayment obligations. Disclaimer*
About this update from Prospex Energy Plc
[{"type":"text","content":"\n\nProspex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n18 March 2026\n \nProspex Energy PLC\n('Prospex' or the 'Company')\n \n £653,950 Raised in Extended CLN Offer as Total Funding for the CLN Reaches £2 million, 25% Above Target\n \nProspex Energy PLC (AIM: PXEN), the AIM-quoted investing company focused on European gas and power projects, is pleased to announce that it is now in receipt of committed subscriptions totalling £653,950 for the extended offering of its unsecured Convertible Loan Notes (\"CLN\"), which was announced on 13 March 2026. This brings the total funds raised through the Company's CLN offer to £2 million, 25% above the original £1.6 million target.\n \nHighlights\n· Committed subscriptions of £653,950 (in addition to the £1,346,050 previously announced on 19 January 2026) for the Company's offering of unsecured Convertible Loan Notes of £1 each, due at the end of June 2028 (the \"Loan Notes\").\n· Subscriptions for this round were significantly oversubscribed due to strong investor demand with allocated capacity being limited by the Board to a cumulative aggregate hard cap of £2 million\n· The Loan Notes issued after 12 March 2026 are convertible at 3p per ordinary share at the election of the investor after the first anniversary of the date of subscription.\n· Interest of 12% per annum is payable quarterly, with the first two interest payments on 31 March 2026 and 30 June 2026 to be capitalised and added to the loan principal rather than paid in cash.\n· Loan principal to be repaid in three tranches at the end of December 2027, the end of March 2028 and the end of June 2028.\n· Forecast increased gas production from the drilling campaigns on all three of the Company's production concessions is expected to cover the capital repayments.\n· Net proceeds will be used to support the Company's ongoing activities, including current and future capital expenditure requirements.\n· Ongoing operational costs and overheads continue to be met from production income generated by the Company's existing production.\n \nTom Reynolds, Prospex'...