Business
Director Appointment, Financing & Option Ex...
Director Appointment, Financing & Option Ex....
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n \nMetalNRG plc\n\n“MetalNRG†or the “Companyâ€\n\nDirector Appointment, Strategic Financing & Director Option Exercise\n\nMetalNRG (LON:MNRG), the London NEX Exchange quoted natural resource investing company, is pleased to announce the appointment of Gervaise Heddle as Non-Executive Director with immediate effect. The Company is also pleased to announce a Strategic Financing raising an aggregate £342,500 through a Placing and Subscription and the exercise of Director share options.\n\nHighlights:\n\n\nGervaise Heddle appointed as a Non-Executive Director of MetalNRG with immediate effect. In line with other Board members Mr Heddle receives no initial cash compensation but is awarded share options as outlined below.\n\n\n\nStrategic financing undertaken through a placing and subscription (“Placingâ€) of 59,000,000 new ordinary shares of 0.01p (“Placing Sharesâ€) raising £295,000 at 0.5p per share to support the Company as it implements its strategic plan and Investing Policy. Each Placing Share is accompanied by one half warrant to subscribe for one new ordinary share at 1p over an 18 month exercise life.\n\n\n\nDirectors have exercised 9,500,000 existing options at 0.5p simultaneously with the Placing investing a further £47,500 in the Company. Paul Johnson, CEO, also invests a further £2,500 in the Placing bringing the total invested by the Board to £50,000. In addition Somers Investments Limited, of which Chairman Christopher Latilla-Campbell is a potential beneficiary, has invested £35,000 in the Placing.\n\n\n\nTotal additional funding raised today amounts to £342,500, which increases cash at bank to approximately £480,000 providing a pool of capital for business expansion.\n\n\nChristopher Latilla-Campbell, Chairman of MetalNRG plc commented: “I am delighted to welcome Gervaise Heddle to the Board and look forward to working with him as we look to reinvigorate and build MetalNRG.\n\nI am also grateful for the support investors have provided through this financing which now, as the resource sector emerges from the difficult recent years, provides the Company with the working capital to proactively pursue its stated objectives. With the Board exercising options at the same price as the Placing we stand side by side with investors in the commitment of cash to the Company.â...