Business
Funding
Funding.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 0826G Metals Exploration PLC 24 May 2017 \n\n24 May 2017\n \nMETALS EXPLORATION PLC\n \n \nMetals Exploration plc (AIM: MTL) (\"Metals Exploration\" or the \"Company\"), the natural resources exploration and development company with assets in the Pacific Rim region.\n \n \nFunding\n \nThe Company has previously announced that is in discussions with a mezzanine debt provider for the provision of a working capital facility. Those discussions are ongoing and it remains the Company's expectation that such a facility will be in place prior to 30 June 2017.\n \nTo assist the Group in managing its working capital requirements pending implementation of the mezzanine debt facility, and required to meet a US $2.0 million principal repayment to its senior lenders on 31 May 2017, the Company has approached its two major shareholders, MTL (Luxembourg) Sarl Ltd and Runruno Holdings Limited, who have agreed in principle to provide a US $2.0 million short term loan to the Company. The shareholders will provide funding on a prorata basis to their shareholding in the Company and subject to agreeing terms of contract.\n \nThe Company will continue to update the market as the discussions in relation to the above transactions progress.\n \n \nFor further information please visit or contact www.metalsexploration.com\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIan R. Holzberger (Executive Chairman)\n\n\n+63 (0) 9189 795 992\n\n\n\n\n\n\n\n\n\n\n\n\n\n+61 (0) 418 886 165\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLiam A. Ruddy (Company Secretary)\n\n\n+63 (0) 918 979 2931\n\n\n\n\n\n\n\n\n\n\n\n\n\n+44 (0) 7911 719 960\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNominated Adviser and Broker: CANACCORD GENUITY LIMITED\n\n\n\n\n\n\n\n\n\n\nMartin Davison, Joseph Dorey, James Asensio\n\n\n+44 (0) 207 523 4689\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPublic Relations: &nb...