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Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Enters agreement with Iron Forge Holdings III Ltd, under which Cloudbreak will provide $1.5 million in development capital to Iron Forge for the Butte Strawn energy project in Irion County, Texas.
Capital will be deployed as a convertible debenture which can be converted into a 6.0% overriding royalty interest.
In return, Iron Forge will grant Cloudbreak 6.0 million warrants with a C$0.35 strike price and three-year term from financial close.
Current stock price: 1.81 pence
12-month change: down 27%
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