Italian waste to energy plant bank loan drawdown

MetalNRG PLC

16 January 2024

 

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.

16 January 2024

MetalNRG plc

(the "Company" or "MetalNRG")

Italian waste to energy plant drawdown of bank loan

MetalNRG plc (LON:MNRG), the natural resources and energy investment company, is pleased to announce to the market that EQTEC Italia will now drawn down the agreed loan facility of €2.9 million (the "Facility") to refinance its Italian waste to energy plant, located in Gallina, near Castiglione d'Orcia, Tuscany, Italy (the "Plant").

The term of the Facility is 48 months, with an annual interest rate of 2.5% over the six-month Euro Interbank Offered Rate (Euribor), which currently makes the interest rate c. 6.5%. It is offered by Banca del Fucino S.p.A., an historic private banking group based in Rome (the "Lender"). The loan is guaranteed up to 80% by MedioCredito Centrale S.p.A., which is controlled by the Italian Ministry of Economy.

Release of funds through the Facility is being executed as the Plant's achieved the targeted performance criteria set by the Lender. Italia MDC intends to draw down the Facility imminently to support the Plant's forecast cash flow and to fund additional performance improvements as Italia MDC pursues further operational efficiency and commercial opportunity. Part of the Facility may also be applied to repayment of shareholder loans that funded performance improvements to date, including loans made by the Company.

The Plant became operational in March 2023 and EQTEC completed handover protocols and transfer of plant operations to Italia MDC in June 2023.

Rolf Gerritsen, Executive Director of MetalNRG, commented:

"I am delighted with the facility draw down and congratulate the EQTEC Italia team on a well done job."

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