'Columbus Energy Resources plc (AIM:CERP) announced that it will issue convertible loan for gross proceeds of up to $4,500,000 (£3,519,225) on November 11, 2019. The company has entered into a convertible loan funding agreement with the investor. The transaction will involve participation from Lind Global Macro Fund, LP, a fund managed by existing investor, The Lind Partners, LLC. The agreement provides the transaction is available for drawdown in three separate tranches, the first $1,500,000 (£1,173,075) tranche being drawn-down immediately with two further $1,500,000 (£1,173,075) tranches being available for drawdown in future, subject to certain conditions. The company will receive tranche one within 10 business days on signature of the agreement. The company will receive second tranche, provided the company's market capitalisation is above $25,000,000 (£19,551,250). The company will receive its third tranche, provided the company's market capitalisation is above $25,000,000 (£19,551,250) (currently approximately $40,000,000 (£31,282,000)); and the outstanding borrowing from tranche one and tranche two is less than $2,000,000 (£1,564,100). For tranche one, the investor has received 14,625,000 share options, which may be exercised within 60 months at a share price equal to 150% of the 20 day VWAP immediately prior to drawdown. For tranche one the exercise price is £0.06. For tranche two and tranche three, additional options on similar terms and conditions would apply upon any drawdown. The amounts drawn-down are secured against 7,500,000 shares in the company and will rank as senior secured debt against the assets of the company. For tranche one, 120-day repayment free window before repayment of the loan commences over a 20-month period. Repayments will be at company’s option, either in cash or company shares (or both). The monthly cash payment would be $89,066 (£69,654.0653) and any shares issued would be at approximately 90% of the then current 20-day VWAP. For tranche two and three, repayment of each tranche to be over a 24-month period. The monthly cash payment for each tranche (if drawn) would be $74,222 (£58,045.3151) and any shares issued would be at approximately 90% of the then Repayment Price. The investor has the right to convert any loans outstanding into company shares at a fixed share price equal to 130% of the company's 20 day VWAP prior to signature of the agreement. The company has paid an up-front commitment fee of $105,000 (£82,115.25) for tranche one and tranche two. If the company draws down on tranche three, a fee of $52,500 (£41,057.625) will be payable.