Italia MDC Update and Share Ownership

MetalNRG PLC

06 November 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

6 November 2023

MetalNRG plc

(the "Company" or "MetalNRG")

Italia MDC Update and Share Ownership

MetalNRG plc (LON:MNRG), the natural resources and energy investment company, announces that the share capital ownership of EQTEC Italia MDC Srl ("Italia MDC"), the company operating a waste to energy plant in Tuscany, has been formally updated to reflect recent investments made into the 1 MWe biomass-to-power plant, as part of the legal preparation for the drawdown of financing provided by Banca del Fucino S.p.A., as announced on 4 September 2023.

The Company announced on 4 September 2023 that Italia MDC had entered into a loan facility of €2.9 million provided by the Lender to refinance the Plant, subject to the Plant's achievement of certain performance criteria set by the Lender.  To achieve the criteria, Italia MDC is implementing a series of performance improvements which are anticipated to be completed in Q4 2023, at which point Italia MDC intends to draw down the full amount of the Facility.

The improvements are being financed through a combination of shareholder loans and equity from two of the four investors in Italia MDC, Quainstone Limited and EQTEC Holdings Limited, resulting in a change to relative ownership of Italia MDC, which the shareholders have recorded officially with the Italian authorities as of 3 November 2023. The updated capital ownership of the Plant is as follows:

Investor	Ownership share
Quainstone Limited	39.76%
EQTEC Holdings Limited	38.30%
Pitcole Limited	10.97%
MetalNRG	10.97%
Total	100.00%

Capitalised terms not otherwise defined in this announcement have the same meaning ascribed to them in the Company's announcement on 4 September 2023.

Ends

For further information, please contact:

MetalNRG PLC:
Rolf Gerritsen		[phone]
Chris Chadwick		[phone]
Peterhouse Capital Limited - Joint Broker:
Lucy Williams	+ 44 (0) 207 469 0930
Duncan Vasey	+ 44 (0) 207 469 0930
S I Capital Limited - Joint Broker:
Nick Emerson	[phone]
IFC Advisory Limited - Financial PR and IR
Tim Metcalfe	[phone]
Florence Chandler	[phone]

 

END