Metals Exploration PLC Funding and Banking Update (9481X)
May 03 2019 - 2:00AM
UK Regulatory
TIDMMTL
RNS Number : 9481X
Metals Exploration PLC
03 May 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 1 April 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 renewed a Standstill Agreement
(the "Standstill Agreement") for a further month until 31 May
2019.
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 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 +63 908 8500 051
Interim Chief Financial
Michael Langoulant Officer +44 (0)7899 249990
------------------------- -------------------
Nominated & Financial Advisor STRAND HANSON LIMITED
& Broker:
James Spinney, James Dance, Eric
Allan +44 (0) 207 409 3494
----------------------
Public Relations: TAVISTOCK
----------------------
Jos Simson, Barnaby Hayward +44 (0)207 920 3150
----------------------
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END
UPDKMGGKKZVGLZM
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