Business
Bank Refinance of Italy waste to energy plant
Bank Refinance of Italy waste to energy plant.
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n\nTHIS 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.\n \n4 September 2023\n \n \nMetalNRG plc\n(the \"Company\" or \"MetalNRG\")\n \nBank Refinance of Italy waste to energy plant\n \n \nMetalNRG plc (LON:MNRG), the natural resources and energy investment company, informs the market that EQTEC Italia has agreed a loan facility of €2.9 million (the \"Facility\") to refinance its Italian waste to energy plant, located in Gallina, near Castiglione d'Orcia, Tuscany, Italy (the \"Plant\").\n \nThe term of the Facility is 48 months, with an annual interest rate of 2.5% over the six-month Euro Interbank Offered Rate (Euribor), which currently makes the interest rate c. 6.5%. It is offered by Banca del Fucino S.p.A., an historic private banking group based in Rome (the \"Lender\"). The loan is guaranteed up to 80% by MedioCredito Centrale S.p.A., which is controlled by the Italian Ministry of Economy.\n \nRelease of funds through the Facility is subject to the Plant's achievement of targeted performance criteria set by the Lender. Supported by EQTEC engineers, EQTEC Italia MDC S.r.l. (\"Italia MDC\"), the operating company for the Plant, is working through a series of performance improvements to support more productive, sustainable operations. MetalNRG and Italia MDC anticipate that these improvements will be completed in early Q4 2023 and that Italia MDC will be able to drawdown the full facility amount shortly thereafter.\n \nThe Plant became operational in March 2023 and EQTEC completed handover protocols and transfer of plant operations to Italia MDC in June 2023. The Company remains actively involved with supporting Italia MDC in its endeavours to drive more productive and continual operations.\n \n \n \n \n- Ends -\n \n \nFor further information, please contact:\n\n\n\nMetalNRG PLC:\n\n\n\n\nRolf Gerritsen\n\n\n+44 (0) 207 796 9060\n\n\n\n\nChris Chadwick\n\n\n+44 (0) 207 796 9060\n\n\n\n\nPeterhouse Capital Limited - Joint Bro...