Business
Covid-19 Business Impact
Covid-19 Business Impact.
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 7024H\n MetalNRG PLC\n 26 March 2020\n \n \n \n \n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n \n \n \n \n \n \n \n \n \n 26th March 2020\n \n \n \n \n \n MetalNRG plc\n \n \n (The \"Company\" or \"MetalNRG\")\n \n \n \n \n \n COVID-19 BUSINESS IMPACT\n \n \n \n \n \n \n \n \n MetalNRG plc (LON:MNRG) the natural resource investing and exploration company gives an update on the impact of COVID-19 on its business and prospects.\n \n \n During this time the Company's guiding principles are people first, protect business continuity, build and secure liquidity and engage with our stakeholders, while still seeking business investment opportunities to add shareholder value.\n \n \n \n \n \n As a result of applying these principles we have stopped all travel, until the ban on travel is removed by the Government. The Company, with input from Ed Lukins at Orrick, our legal advisors, has set up its Annual General Meeting to be held electronically, so as not to put our shareholders, advisers, Board members and management at risk. Last but not least we are currently all working from home while progressing the Company's business.\n \n \n \n \n \n The impact of Covid-19 on our Gold Ridge project in Arizona, is that on site work has stopped, we are advancing our planning work and making preparations to be in a position to go back on site as soon as we have confirmation that it is safe to do so and have the human resources and tools to implement the next stage of work.\n \n \n \n \n \n The Oil & Gas transaction due diligence process on the potential acquisition in Romania has been completed. However, due to the recent oil price collapse and the unfavourable short to medium term forecasts, which are detrimental to the economy of the project under consideration, we have proposed alternative commercial terms to the Vendor. The new terms are being considered by the Vendor and we expect them to revert by the end of the current month, although some slippage can be expected due to Covid-19.\n \n \n &...