Funding and Banking Update

RNS Number : 5823U

Metals Exploration PLC

01 April 2019

 

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 and Banking Update

Further to the Company's announcement dated 29 March 2019, Metals Exploration confirms that its lenders, HSBC and BNP Paribas (the "Senior Lenders") and its major shareholders, MTL Luxembourg SARL and Runruno Holdings Ltd, as holders of its mezzanine debt (the "Mezzanine Debt Facilities") have entered into a Standstill Agreement (the "Standstill Agreement").  

Under the Standstill Agreement the Company is relieved of making both principal and interest payments due in relation to its Runruno Facility Agreement (the "Senior Facility") and the Mezzanine Debt Facilities.

The Standstill period is to apply until 11.59pm Hong Kong time on 2 May 2019. Under the Standstill the Company will have the right to request a further extension to the Standstill period should it consider this necessary.

The purpose of the Standstill Agreement is to allow the Company and all its lenders time to evaluate, and consider possible solutions to, Metals Exploration's current financial position.

A further announcement will be made in due course.

This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.

For further information please visit or contact www.metalsexploration.com

Darren Bowden	Chief Executive Officer	[phone]
Michael Langoulant	Interim Chief Financial Officer	[phone]

Nominated Advisor & Broker:	CANACCORD GENUITY LIMITED
Martin Davison, James Asensio	[phone]
Public Relations:	TAVISTOCK
Jos Simson, Barnaby Hayward	[phone]

 

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