MetalNRG PLC Company Update (2029L)
04 September 2023 - 4:00PM
UK Regulatory
TIDMMNRG
RNS Number : 2029L
MetalNRG PLC
04 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
4 September 2023
MetalNRG plc
(the "Company" or "MetalNRG")
Company update
MetalNRG plc (LON:MNRG), the natural resources and energy
investment company, is pleased to announce a strategic business
review which aims to capitalize on the Company's anticipation of a
potential bull-market cycle in the metals & mining sector.
While the review is set to conclude in late September, the Board
confirms its decision to concentrate growth and value creation
efforts on the mining sector. The initial focus will include gold
and copper projects, alongside other precious and strategic metals,
which face high demand due to global macroeconomic, energy
transition, and technology trends.
As part of the ongoing review, the Company has identified a
number of potential reverse take-over targets which are being
evaluated to determine the most suitable value acceleration for the
benefit of its shareholders.
To assist in the completion of the business review, the Company
is delighted to welcome Chris Chadwick to the Board. Chris is a
highly experienced mine operator with a demonstrated track record
of success in shareholder value creation. Chris was previously the
Chief Executive Officer of Gold One International and director of
Sibanye-Stillwater, one of the world's largest primary producers of
platinum, palladium, and rhodium and a top-tier gold producer. He
is also the co-founder and CEO of African Gold Acquisition Corp.
(NYSE: AGAC), a New York Stock Exchange-listed special purpose
acquisition company, from where he will resign in due course to
focus his experience and capabilities on MetalNRG. Chris will join
the MetalNRG Board with immediate effect as Executive Director and
work alongside Rolf Gerritsen (also Executive Director) to complete
the business review and determine the best way forward.
Furthermore, the Company announces additional strengthening of
the management team, with the appointment of Andrew Sekandi as a
Risk & Compliance officer. Andrew brings 15+ years' experience
advising global mining firms on risk, compliance, due diligence,
and market entry. He has worked for global consulting firms KPMG,
Kroll, and Control Risks Group, and is a Namibian trained
(non-practising) lawyer.
The Company has secured the services of Scott Gilbert as the
Head of Operations. Scott brings 20+ years' experience as an
operations, commercial and marketing executive, with a focus on the
African mining and natural resources sector. He is currently the
Financial and Commercial Operations director of the Middelvlei gold
project in South Africa. Finally, also joining the team is Damon
Chadwick in a senior project management role who will also take
over the smooth running of all, I.T., marketing and office support
functions.
The Company plans to complete the strategic business review by
end September, and the Company will make a further announcement on
the specific direction it will embark upon.
To demonstrate the commitment and confidence of the new and
existing Directors and Officers in the Company's repositioning, the
Company is pleased to announce that the Directors and Officers have
participated in a GBP206,212 raise in the form of a Convertible
Loan Note (CLN) to complete the business review and secure its next
steps. The note pays a coupon of 15% per annum and will be either
repaid or converted into shares at a 20% discount if and when the
Company chooses to raise additional funds.
Rolf Gerritsen commented: "This is a very exciting moment for
the Company. We are delighted to have brought together an
exceptionally talented team with real in-depth expertise in the
mining sector, and look forward to making some giant steps forward
for our shareholders and the business".
Chris Chadwick commented: "I am delighted to be joining
MetalNRG's board and Rolf to help drive the next critical
development stage for MetalNRG. I look forward to working with the
executive and management teams to continue to build on the strong
foundations that we will lay during this phase, in what we believe
is a very exciting time for the mining sector. The combined team's
participation in the fund raise is testimony to our joint belief in
the repositioning and our confidence in delivering significant
stakeholder value ."
The Directors' participation in the CLN is outlined below;
Christopher Latilla-Campbell GBP 25,000
Christian Schaffalitzky GBP 21,866.66
Rolf Gerritsen GBP 6,013.34
Chris Chadwick GBP 20,000
Ends -
For further information, please contact:
MetalNRG PLC:
Rolf Gerritsen +44 (0) 207 796 9060
------------------------------
Chris Chadwick +44 (0) 207 796 9060
------------------------------
Peterhouse Capital Limited - Joint Broker:
Lucy Williams + 44 (0) 207 469 0930
-------------------------------
Duncan Vasey + 44 (0) 207 469 0930
-------------------------------
S I Capital Limited - Joint Broker:
Nick Emerson +44 (0) 1483 413500
-------------------------------
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