Corallian Energy Limited announced that it has entered into convertible loan instrument to receive £1 million in convertible loan from existing investor Reabold Resources Plc (AIM:RBD) on February 22, 2021. The loan carries a fixed rate of interest of 15% per annum. The loan will be convertible into common shares of the company within 21 months from date of closing of the transaction at a conversion price of £1.5 per share. The loan will be convertible at price of £3.20 per share if the company is acquired, undertakes a material disposal of assets, an initial public offering or a reverse takeover where its relevant valuation is greater than £3.20 per share. The transaction is subject to the company receiving the approval of 75% or more of its shareholder.