Metals Exploration PLC Funding (0826G)
May 24 2017 - 3:40AM
UK Regulatory
TIDMMTL
RNS Number : 0826G
Metals Exploration PLC
24 May 2017
24 May 2017
METALS EXPLORATION PLC
Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the
"Company"), the natural resources exploration and development
company with assets in the Pacific Rim region.
Funding
The Company has previously announced that is in discussions with
a mezzanine debt provider for the provision of a working capital
facility. Those discussions are ongoing and it remains the
Company's expectation that such a facility will be in place prior
to 30 June 2017.
To assist the Group in managing its working capital requirements
pending implementation of the mezzanine debt facility, and required
to meet a US $2.0 million principal repayment to its senior lenders
on 31 May 2017, the Company has approached its two major
shareholders, MTL (Luxembourg) Sarl Ltd and Runruno Holdings
Limited, who have agreed in principle to provide a US $2.0 million
short term loan to the Company. The shareholders will provide
funding on a prorata basis to their shareholding in the Company and
subject to agreeing terms of contract.
The Company will continue to update the market as the
discussions in relation to the above transactions progress.
For further information please visit or contact
www.metalsexploration.com
Ian R. Holzberger (Executive +63 (0) 9189
Chairman) 795 992
+61 (0) 418 886
165
+63 (0) 918 979
Liam A. Ruddy (Company Secretary) 2931
+44 (0) 7911
719 960
Nominated Adviser and Broker: CANACCORD GENUITY
LIMITED
Martin Davison, Joseph Dorey, +44 (0) 207 523
James Asensio 4689
Public Relations: TAVISTOCK
+44 (0) 207 920
Barnaby Hayward, Jos Simson 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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