Metals Exploration PLC Funding and Banking Update (5823U)
01 April 2019 - 5:00PM
UK Regulatory
TIDMMTL
RNS Number : 5823U
Metals Exploration PLC
01 April 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 29 March 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 entered into a Standstill
Agreement (the "Standstill Agreement").
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 Standstill period is to apply until 11.59pm Hong Kong time
on 2 May 2019. Under the Standstill the Company will have the right
to request a further extension to the Standstill period should it
consider this necessary.
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 +57 310 230 1620
Interim Chief Financial
Michael Langoulant Officer +44 (0)7899 249990
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Nominated Advisor & Broker: CANACCORD GENUITY LIMITED
Martin Davison, James Asensio +44 (0)207 523 4689
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Public Relations: TAVISTOCK
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Jos Simson, Barnaby Hayward +44 (0)207 920 3150
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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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