Mustang Energy PLC announced a private placement of convertible loan notes for gross proceeds of $2,000,000 on April 12, 2023. The transaction included participation from new investors, Garnet Commerce Limited, Enerox GmbH and existing investor, Acacia Research Corporation. The bonds will bear an interest rate of 10% and a maturity date of July 31, 2023.

Acacia Research Corporation and Garnet Commerce Limited have agreed to subscribe for $500,000 each of the 2023 CLNs. The transaction is expected to close on April 30, 2023.