Metgasco Limited announced that it has entered into a binding agreement and will issue loan notes under debt facility or gross proceeds of AUD 5,000,000 on March 13, 2023. The transaction will include participation long term substantial shareholders Keybridge Capital Limited for AUD 3,000,000 and Glennon Small Companies Ltd, a fund managed by Glennon Capital for AUD 2,000,000. The amount will be drawn down within twelve months from the initial issue date.

The loan will have a term of three years from the first drawdown. The company will also pay interest rate of 10% per annum and payable in quarterly. The company will pay facility fee of 1% on on drawn funds only.

The loan notes are secured in nature. The company will issue 160,000,000 options in consideration of facility and the ongoing availability of drawdown funds, including 96,000,000 options to Keybridge Capital Limited and 64,000,000 options to Glennon Small Companies Ltd, a fund managed by Glennon Capital.