REG - Mustang Energy PLC - Issue of Convertible Loan Notes

Mustang EnergyAnnouncement

08/04/2024 11:45

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RNS Number : 6973J  Mustang Energy PLC  08 April 2024

8 April 2024

 

Mustang Energy PLC

 

("MUST" or the "Company")

 

Issue of Convertible Loan Notes

 

As set out in an announcement dated 19 January 2024 the Company is proposing
to carry out (i) acquisition of the entire issued share capital of Cykel AI
Plc ("Cykel"), constituting a 'reverse takeover' under the Listing Rules (the
"Acquisition"), to be carried out by way of a court-sanctioned scheme of
arrangement under Part 26 of the Companies Act between the Company and Cykel's
shareholders (the "Proposed Acquisition") (ii) the issue of new ordinary
shares of the Company in connection with the Acquisition (the "Issuance"); and
(iii) admission of the enlarged share capital of the Company to listing on the
standard listing segment of the Official List of the Financial Conduct
Authority and to trading on the London Stock Exchange plc's main market for
listed securities (the "Readmission", and together with the Acquisition and
the Issuance, the "Proposed Transaction"). The Proposed Transaction  will
require, inter alia,  approvals of the Company's and Cykel's shareholders.

On 4 April 2024 the Company executed subscription agreements with 3 investors
to issue a total of £200,000 unsecured convertible loan notes (the "2024
CLNs"). The 2024 CLNs bear no interest and subscription by the investors shall
be conditional on (i) the approval of the Company's shareholders of the
Proposed Transaction; and (ii) the approval of Cykel's shareholders of the
Proposed Transaction.  The 2024 CLNs will mature on the 31 May 2024 and
convert automatically on Readmission at a conversion price of 6 pence.

The proceeds from the 2024 CLNs will be used to satisfy existing trade
creditors and costs associated with the Proposed Transaction.

 

 

 

 

 

 

ENQUIRIES

For further information, please visit www.mustangplc.com, follow us on Twitter
@Mustang_Plc, or contact:

Mustang Energy PLC

Dean Gallegos, Managing Director  dg@mustangplc.com

+61 416 220 007

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