Metals Exploration PLC Update on Senior Facility & Suspension of Trading (3603F)
09 March 2020 - 6:00PM
UK Regulatory
TIDMMTL
RNS Number : 3603F
Metals Exploration PLC
09 March 2020
9 March 2020
METALS EXPLORATION PLC
("Metals Exploration" or the "Company")
Update on Senior Facility and Suspension of Trading
Metals Exploration Plc (AIM: MTL), the natural resources
exploration and development company with assets in the Pacific Rim
region, announces that, following the completion of the sale of the
Senior Facility to the New Lenders (as announced on 31 January
2020), the Company has been unable to reach agreement on the
continuation of the Standstill Agreement.
The Company is seeking confirmation of the implications of the
Standstill Agreement not continuing. The current amount owing under
the Senior Facility is approximately US$69.0 million, while under
the Mezzanine Debt Facilities approximately US$59.6 million is
owed. The Company is in Default under the Senior Facility (as
defined in the Senior Facility). The Company confirms that it does
not have sufficient liquidity to fully repay either of the Senior
Facility or the Mezzanine Debt Facilities on their current
terms.
Due to the material uncertainty of the Company's current
financial condition, the Company has requested that trading in the
Company's shares be suspended from 7.30am today, pending further
clarification and discussions with the New Lenders.
A further announcement will be made in due course, as and when
appropriate.
Defined terms used in this announcement shall have the same
meanings as set out in the Company's announcement of 22 January
2020.
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
Michael Langoulant Chief Financial Officer +44 (0)7899 249990
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Nominated & Financial Adviser STRAND HANSON LIMITED
& Broker:
James Spinney, James Dance +44 (0) 207 409 3494
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Public Relations: TAVISTOCK
----------------------
Jos Simson, Barnaby Hayward +44 (0)207 920 3150
----------------------
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London Stock Exchange. RNS is approved by the Financial Conduct
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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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