Funding

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 Chairman)	[phone]
		[phone]
	Liam A. Ruddy (Company Secretary)	[phone]
		[phone]
	Nominated Adviser and Broker:                   CANACCORD GENUITY LIMITED
	Martin Davison, Joseph Dorey, James Asensio	[phone]
	Public Relations:                                         TAVISTOCK
	Barnaby Hayward, Jos Simson	[phone]

 

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