MetalNRG PLC Covid-19 Business Impact
March 26 2020 - 5:41AM
RNS Non-Regulatory
TIDMMNRG
MetalNRG PLC
26 March 2020
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26(th) March 2020
MetalNRG plc
(The "Company" or "MetalNRG")
COVID-19 BUSINESS IMPACT
MetalNRG plc (LON:MNRG) the natural resource investing and
exploration company gives an update on the impact of COVID-19 on
its business and prospects.
During this time the Company's guiding principles are people
first, protect business continuity, build and secure liquidity and
engage with our stakeholders, while still seeking business
investment opportunities to add shareholder value.
As a result of applying these principles we have stopped all
travel, until the ban on travel is removed by the Government. The
Company, with input from Ed Lukins at Orrick, our legal advisors,
has set up its Annual General Meeting to be held electronically, so
as not to put our shareholders, advisers, Board members and
management at risk. Last but not least we are currently all working
from home while progressing the Company's business.
The impact of Covid-19 on our Gold Ridge project in Arizona, is
that on site work has stopped, we are advancing our planning work
and making preparations to be in a position to go back on site as
soon as we have confirmation that it is safe to do so and have the
human resources and tools to implement the next stage of work.
The Oil & Gas transaction due diligence process on the
potential acquisition in Romania has been completed. However, due
to the recent oil price collapse and the unfavourable short to
medium term forecasts, which are detrimental to the economy of the
project under consideration, we have proposed alternative
commercial terms to the Vendor. The new terms are being considered
by the Vendor and we expect them to revert by the end of the
current month, although some slippage can be expected due to
Covid-19.
Nevertheless, with the current market turmoil, especially in the
oil and gas sector, we have been presented with additional and
potentially attractive transactions. Following the initial desktop
assessment, we are now actively pursuing projects that meet our
strategic intent, projects that offer short term cashflow and
additional exploration upside that can be funded by the short term
cashflow generated form the operation.
We continuously review our cash and liquidity position and are
confident that we will be able to weather the storm and come out of
this crisis stronger than before.
This is undoubtedly an uncertain time for all, and shareholders
will have a number of questions that they would like to ask, please
feel free to get in touch.
I have set up a special email for shareholders to contact me
directly with any questions. I will answer within the constraints
of insider dealing legislation and the Market Abuse Regulation the
email to use is, shareholders@metalnrg.com
Rolf Gerritsen, CEO of MetalNRG commented "My total focus is to
navigate MNRG through this difficult period and come out the other
end in a stronger position. Shareholders can contact me via the
email that has been set up and which is dedicated to their
questions. I will personally handle all questions and answer all
reasonable questions within the market regulatory framework."
For further information, please contact:
METALNRG PLC - Rolf Gerritsen (Chief Executive +44 (0) 20 7796
Officer) 9060
Joint Broker PETERHOUSE CAPITAL LIMITED - +44 (0) 20 7469
Guy Miller/ Duncan Vasey/Lucy Williams 0930
--------------------
Joint Broker SI CAPITAL LIMITED- Nick Emerson +44 (0) 1483 413500
--------------------
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END
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March 26, 2020 06:41 ET (10:41 GMT)
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