Mustang Energy PLC announced that it has entered into an subscription agreement with three investors to issue unsecured convertible loan notes for gross proceeds of £200,000 on April 4, 2024. The notes bear no interest and subscription by the investors shall be conditional on (i) the approval of its shareholders of the proposed transaction; and (ii) the approval of its shareholders of the proposed transaction. The notes will mature on the May 31, 2024 and convert automatically on readmission at a conversion price of £0.06 per share.