Metals Exploration PLC Funding and Banking Update (5274U)
March 29 2019 - 9:25AM
UK Regulatory
TIDMMTL
RNS Number : 5274U
Metals Exploration PLC
29 March 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 12 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") are currently reviewing proposed
final form versions of a Standstill Agreement (the "Standstill
Agreement"). If signed under the terms of 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. While the
Directors are confident the agreement will be signed it is not
signed at this time and there can be no guarantee it will be.
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.
Drafting of the Standstill Agreement is nearing completion and
the Company expects it to be finalised and executed by 1 April
2019.
Should this timeline not be achieved, then the Company's
payments of USD44.115 million will fall due. The Company confirms
it does not have sufficient liquidity to meet these payments if
requested by the Senior Lenders and its major shareholders.
A further announcement will be made by no later than 7 am on 1
April 2019.
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 +57 310 230 1620
Interim Chief Financial
Michael Langoulant Officer +44 (0)7899 249990
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Nominated Advisor & Broker: CANACCORD GENUITY LIMITED
Martin Davison, James Asensio +44 (0)207 523 4689
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Public Relations: TAVISTOCK
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Jos Simson, Barnaby Hayward +44 (0)207 920 3150
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contact rns@lseg.com or visit www.rns.com.
END
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