MetalNRG plc announced that it will issue secured convertible loan notes for gross proceeds of £200,000 on February 2, 2022. The transaction will include participation from Octagonal Plc. The notes are fixed rate, unsecured loan notes carrying a simple, non-compounding interest rate of 10% per annum. The notes are repayable, if not previously converted, on the applicable maturity date. The maturity date will be the date falling 6 months after the date of execution of the notes or the date of the first material equity fund raising by the company following the date of execution of the notes. The conversion price will be equal to nominal value of its shares. The holders of the notes may convert the principal and interest into new ordinary shares of the company at a price equal to a 20% discount to the average price at which new shares are issued by company.