Egdon Resources plc (AIM:EDR) announced that it has entered into an subscription agreement to issue convertible loan note for gross proceeds of £1,051,035 on January 6, 2021. The transaction will include participation from Petrichor Partners Delaware, Llc, and Jalapeno Corporation. The note will be convertible into maximum of 69,684,386 shares and maximum of 3,549,020 shares at a conversion price of £1.55 per notes following the issue of the convertible loan notes. The conversion is subject to the holders exercising their option to convert the amount outstanding into conversion shares during the 12 months following the issue of the notes, which can be redeemed by the company 12 months following their issue. The transaction will be subject to approval from shareholders at the general meeting to be held on January 22, 2021.