TIDMMTL

RNS Number : 8853D

Metals Exploration PLC

28 June 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 3 June 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 July 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 Adviser       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 
                                    ----------------------

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.

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June 28, 2019 10:11 ET (14:11 GMT)

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