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
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Ian R. Holzberger (Executive Chairman) |
+63 (0) 9189 795 992 |
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+61 (0) 418 886 165 |
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Liam A. Ruddy (Company Secretary) |
+63 (0) 918 979 2931 |
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+44 (0) 7911 719 960 |
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Nominated Adviser and Broker: CANACCORD GENUITY LIMITED |
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Martin Davison, Joseph Dorey, James Asensio |
+44 (0) 207 523 4689 |
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Public Relations: TAVISTOCK |
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Barnaby Hayward, Jos Simson |
+44 (0) 207 920 3150 |
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