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Regulatory Story
Company Metals Exploration PLC
TIDM MTL
Headline Funding and Banking Update
Released 07:00 01-Apr-2019
Number 5823U07

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

Michael Langoulant

Interim Chief Financial Officer

+44 (0)7899 249990

 

Nominated Advisor & Broker:

CANACCORD GENUITY LIMITED

Martin Davison, James Asensio

+44 (0)207 523 4689

Public Relations:

TAVISTOCK

Jos Simson, Barnaby Hayward

+44 (0)207 920 3150

 

 

 


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