Plutus PowerGen Plc (AIM:PPG) announces that it has entered into a convertible subscription agreement for private placement of unsecured convertible loan note for gross proceeds of £200,000 on January 28, 2021. The note will be issued for a 12 month term at an 8% annual interest rate, payable in cash in arrears on 31 January, 30 April, 31 July and 31 October, with the first installment due to be paid on 30 April 2021. The transaction will include participation from clients of Pello Capital Limited. The notes carry a conversion rate of 25%. The transaction is expected to close by the beginning of February 2021.