Metals Exploration PLC Working Capital Funding (6190V)
July 25 2018 - 1:00AM
UK Regulatory
TIDMMTL
RNS Number : 6190V
Metals Exploration PLC
25 July 2018
25 July 2018
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.
Working Capital Funding
The Company announces that it has agreed, with its two major
shareholders, MTL (Luxembourg) Sarl Limited and Runruno Holdings
Limited (together the "Lenders"), an unsecured standby loan
facility of up to US $4million (the "Facility"). The increased sum
is available to be drawn as might be required for general short
term working capital use and to facilitate an interest payment due
on 31 July 2018, to its senior lenders. The main commercial terms
of the Facility are as follows:
-- Interest rate: 20% per annum accruing daily (payable from drawdown)
-- Arrangement fee: 2% payable on signature
-- If the loan is not repaid in full by 30 August 2018, the
Company will use its best endeavours to roll up two other loan
facilities previously provided to the Company with this one
(totalling US $11 million) into a Mezzanine style facility with the
Lenders
The Company's senior lenders (the Hong Kong & Shanghai
Banking Corporation Limited and BNP Paribas) have provided consent
to a waiver request to defer the December 2017, March 2018 and June
2018 capital payment amounts totalling US $20.25 million until 31
July 2018. Management is in discussions with third party finance
providers and its senior lenders to find a solution to its overall
debt position and will update the market when further information
becomes available.
Related party transaction
The Facility is a related party transaction pursuant to Rule 13
of the AIM Rules for Companies and the independent director of the
Company, Ian Holzberger, having consulted with the Company's
nominated adviser, considers that the terms of the Facility are
fair and reasonable insofar as the Company's shareholders are
concerned.
For further information please visit or contact
www.metalsexploration.com
Ian R. Holzberger (Executive Chairman) +63 (0) 9189 795 992
+61 (0) 418 886 165
Liam A. Ruddy (Company Secretary) +63 (0) 918 979 2931
+44 (0) 7911 719 960
Andrew Rodgers (Chief Financial Officer) +61 412 429 856
Nominated Adviser and Broker: CANACCORD GENUITY LIMITED
Martin Davison, James Asensio +44 (0) 207 523 4689
Public Relations: TAVISTOCK
Barnaby Hayward, Jos Simson +44 (0) 207 920 3150
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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