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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Metals Exploration Plc | LSE:MTL | London | Ordinary Share | GB00B0394F60 | ORD GBP0.0001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.60 | 12.63% | 5.35 | 5.20 | 5.50 | 5.50 | 4.75 | 4.75 | 1,952,038 | 16:15:57 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 124.41M | 8.75M | 0.0042 | 12.74 | 112.13M |
From Apr 2019 to Apr 2024
TIDMMTL
RNS Number : 2659I
Metals Exploration PLC
26 August 2016
26 August 2016
METALS EXPLORATION PLC
(the "Company")
Runruno Gold Project Update
Metals Exploration plc (AIM: MTL) today reports that, as a consequence of continued delays in realising revenue from its Runruno project and the debt restructuring discussions continuing longer than expected, the Company now requires additional funding for general working capital purposes without delay.
Management is currently in discussions with its major shareholders to raise additional working capital, but no agreement has been reached at this time. A further announcement will be made in the near future.
Since restarting the SAG mill after repairs to the feed end trunnion bearing in mid-July, "testing and debugging" operations as part of ore commissioning and plant ramp-up have proceeded satisfactorily with gold pours occurring on a weekly basis. The BIOX(R) circuit has commenced its ramp-up schedule with high levels of biological activity being achieved. It is expected to begin feeding product into the CIL circuit in around two weeks. The Company is currently working through the conditions of its Financial or Technical Assistance Agreement and the procedures set by the regulatory authorities to achieve first gold shipment and consequently first sale. Revenue from the first sale of gold is expected late in September.
The Company also continues its discussions with the Runruno project's lenders to restructure the Runruno US $75,000,000 debt facility and $8,000,000 cost overrun facility having failed to make the required US$15,000,000 capital payment due on 30 June, 2016 as advised in the Company's announcement to the market on 30 June, 2016. Currently the Company is required to pay the interest accruing on the outstanding US$15,000,000 capital payment on a monthly basis.
For further information please visit or contact www.metalsexploration.com
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Ian R. Holzberger +63 (0) 9189 795 992
(Chairman) +61 (0) 418 886 165
Liam A. Ruddy +61 (0) 498 648 615
(Company Secretary) +44 (0) 7911 719 960
Nominated Adviser: STOCKDALE SECURITIES Ltd
Robert Finlay, Edward Thomas +44 (0) 207
601 6100
Public Relations: TAVISTOCK
Edward Portman; Jos Simson +44 (0) 207
920 3150
Broker: SP ANGEL CORPORATE FINANCE LLP
Ewan Leggat +44 (0) 203 470 0470
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBQLFLQVFXBBF
(END) Dow Jones Newswires
August 26, 2016 06:38 ET (10:38 GMT)
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