Metals Exploration Share Discussion Threads

[tombarr] 09/11/2012 16:10

Writ: The plaintiff has to prove: (c) The environmental law, rule or regulation violated or threatened to be violated, the act or omission complained of, and the environmental damage of such magnitude as to prejudice the life, health or property of inhabitants in two or more cities or provinces.

Given the govt & EPA approvals, awards and oversight to date it seems inconceivable that that anything major has been violated, or that, if it has, "the environmental damage [is]of such magnitude as to prejudice the life, health or property of inhabitants in two or more cities or provinces".

Without knowing the detail it would seem that this is a Storm in a Tea Cup, with little prospect of success and even if it was successful MTL can easily mitigate.

[tombarr] 06/11/2012 09:44

SP Angel appointment: First step toward a sale of Runruno or an advantageous refinacing of the Candy loan? I see that that the Contact, Ewan Leggat, has moved from Fairfax to share price Angel. Hopefully he is a frustrated as PIs at the lack of buying interest.

Edit: the whole team moved from F to SPA. a non-event.

[benson384] 19/10/2012 12:01

There have been a few buyers, but no momentum. Also a few sellers waiting to be bid, so I agree this is still going to be slow, but patience hopefully rewarded....

[holism] 19/10/2012 11:58

Well this is one of the most drawn out plays I have seen. I invested years ago and still have a few. Why? because there is no market with the majority of the shares in a few institutions prepared to sit it out. I thought Candy would dump them but i guess as a property developer he is used to waiting.There is value here but no market.

[benson384] 18/10/2012 18:21

Does it take this long to buy shovels etc ? !!!..........

[lucky_punter] 03/8/2012 13:28

Shares in Metals Exploration (LON:MTL) rose after the group released details of a funding package it flagged just over two months ago which would finance the construction of the Runruno gold-molybdenum mine in the Philippines.

[jambo172] 31/7/2012 09:45

Interesting.
Institutions committing money at 13p against a share price of 8p.
Rare for shares to be placed at a premium let alone a 50% PREMIUM.
Unless I am missing something.

[mikey34] 31/7/2012 09:40

This is a very positive development.

[thx1138] 31/7/2012 09:34

31 July 2012



Metals Exploration Plc



("Metals Exploration" or the "Company")



Proposals to raise USD$130,000,000 of equity and debt to fund Runruno
mine construction



Metals Exploration is pleased to announce that it has obtained
commitments to raise approximately USD$25 million via the issue of
124,069,477 new ordinary shares of 1 pence each in the Company (the
"Placing Shares") at a price of 13 pence per new ordinary share, from
certain existing shareholders (the "Equity Subscription") and has agreed
with Solomon Capital Limited ("Solomon Capital"), subject to contract,
for the provision of loan facilities totalling USD$105 million (the
"Loan Facilities") (together the "Proposals").



A circular (the "Metals Exploration Circular") will shortly be posted to
Shareholders to provide further information on the Proposals and to seek
the necessary authorities from Shareholders to allot and issue the
Placing Shares.



1. Background to and reasons for the Proposals



As previously announced, the Company has been seeking to arrange funding
for the development of its Runruno Project throughout 2011 and 2012.



In 2011, the Company appointed an experienced global investment bank to
advise on the debt funding for the project and the Company has made a
number of announcements regarding its progress.



As previously communicated to Shareholders, sourcing of a preferred
provider, negotiation of a term sheet, completion of due diligence and
full documentation proceeded throughout 2012. However, these
negotiations encountered difficulties in July when the preferred
provider sought to vary the agreed commercial terms materially and
introduce new conditions which, in the Board's view, were potentially
adverse to the interests of the Company and put its ability to complete
the debt funding at considerable risk. Solomon Capital, a significant
shareholder of the Company, has now offered an alternative proposal on
more favourable overall terms than had been offered by the previously
preferred provider. The Company has reached agreement with Solomon
Capital, subject to contract, for the provision of loan facilities
totalling USD$105 million and discontinued documentation with the
previously preferred provider.



In conjunction with the loan facilities, the Company has agreed with
Solomon Capital and certain other shareholders an equity subscription of
USD$25 million.



The Company expects that following receipt of funds from the Proposals
it will have in place sufficient capital to complete the construction of
the mine at its Runruno Project.



2. The Proposals



The Equity Subscription



The Company has received commitments for subscriptions totalling
approximately USD$25 million via the issue of 124,069,477 Placing Shares
at a price of 13 pence per Placing Share. The Equity Subscription is
conditional on the passing of the necessary resolutions by Shareholders
at a general meeting to allot and issue the Placing Shares and admission
to trading on AIM ("Admission"). Subject to the passing of the relevant
shareholder resolutions, the Placing Shares are expected to be allotted
and issued on 28 September 2012 and Admission is expected to occur at
8.00 a.m. on 3 October 2012. The Placing Shares have been subscribed for
by Solomon Capital Limited, Baker Steel Capital Managers, and Runruno
Holdings Limited (the "Subscribers"). Each of the Subscribers is either
a substantial shareholder or is part of a concert party that is a
substantial shareholder. As such, the participation of the Subscribers
in the Equity Subscription is considered a related party transaction
under AIM Rule 13.



The subscription price of 13 pence per new ordinary share represents a
52.9 per cent. premium to the closing mid-price of 8.5 pence per
ordinary share as at 27 July 2012, and an 8.8 per cent. premium to the
1-year average closing mid-price of 11.95 pence per ordinary share.



The Loan Facilities



The Company has agreed with Solomon Capital, subject to contract, a term
loan facility of USD$105 million. The facility will have a 4 year term
commencing at first utilisation and an annual interest rate of 20 per
cent. Repayment will be made by instalments matched to cashflow.
Management expect to draw down the facility in stages and that the
repayment schedules will be satisfied within the 4 year term. Interest
will only accrue on outstanding funds. Solomon Capital is a substantial
shareholder of the Company and as such, the provision of the Loan
Facility is considered a related party transaction under AIM Rule 13.



Shareholdings of the Subscribers



The shareholdings of the Subscribers prior to and following the
completion of the proposed Equity Subscription are as follows:





Shareholdings

Prior to the Equity

Subscription

Following the Equity

Subscription

Number of shares

%

Number of shares

%

Solomon Entity1



324,614,781

46.46

390,694,578

47.49

Baker Steel Capital Managers



158,295,261

22.66

190,693,092

23.18

RHL Entity2



125,041,346

17.90

150,633,195

18.31





Notes:

1. Solomon Entity includes Solomon Capital Limited, Shelfco 724 Limited,
Mrs Emily Crompton Candy and Mr Jonathan Beardsworth

2. RHL Entity includes Runruno Holdings Limited and Mr Graham Edwards





3. General Meeting and Admission



The Metals Exploration Circular will incorporate a notice of General
Meeting to convene a General Meeting of the Company to be held at 11.00
a.m. on 30 August 2012 at 200 Strand, London WC2R 1DJ. The General
Meeting will consider, inter alia, resolutions to authorise the
Directors to allot and issue the Placing Shares and dis-apply statutory
pre-emption rights.



It is expected that dealings in the Placing Shares will commence on 3
October 2012,following Admission.



4. Conclusion



The Company entering into the Proposals with, inter alia, Solomon
Capital, Baker Steel Capital Managers and Runruno Holdings Limited
constitutes a related party transaction under Rule 13 of the AIM Rules.
Messrs Dean, Parsons, Walker and Williams, having been appointed to the
Board by various of the major shareholders taking part in the Proposals,
are precluded from opining thereon. Accordingly, Ian Holzberger, the
Independent Director, having consulted with Westhouse Securities, the
Company's nominated adviser, considers that the terms of the Proposals
are fair and reasonable insofar as shareholders are concerned.



Ian Holzberger, Executive Chairman, commented:



"I am delighted that we have been able to procure this financing
proposal, in the face of a difficult global outlook for both equity and
debt funding. We now look forward to moving forward into the full
construction phase on completion of documentation of the debt funding."





Edward Portman

Tavistock Communications

131 Finsbury Pavement

London, EC2A 1NT



Office: [phone]

Fax: [phone]

Web: www.tavistock.co.uk

[here and there] 26/7/2012 09:53

no finance, no mine. everything else is fiddling about

[lord badger] 26/7/2012 09:35

Good news on the resource front but the financing drags on. Here are the highlights of this morning's release. There were also some nice images included with the release. Let me know if you want a copy of the whole package:

Initial inferred mineral resource estimated for the Malilibeg South area containing 190,000 ozs of gold at 1.7 g/t Au.
· Runruno resource base increased now containing 1.58 m ozs of gold at 1.69 g/t Au (combined Runruno Main and Malilibeg South resources).
· Malilibeg South resource remains open along strike - further potential recognised.
· Early construction work continued with good progress achieved.
· Campsite, batch plant, office and lay-down area earth works completed.
· Access road in construction.
· Processing plant earthworks estimated to be 80% complete.
· The processing plant detailed engineering program is near complete, re-validation of Gross Maximum Price underway.
· Office and camp construction well advanced.
· Mine access road in construction.
· Legal documentation of a debt funding package continues. It is management's priority to bring this to completion.
· The Philippine Government's EO79 issued, no significant impact expected on the Runruno project.
· Routine Statutory Audit of the Runruno health, safety, environment and social programs completed with no adverse findings.

[ian 50] 11/7/2012 18:06

just to cheer you up i boughtinto mtl at 8p nearly 10yrs ago sold at 20p any other time i bought i lost ,th potential is enomous but how this company will get there is anyones guess ,good luck

[davethechef] 06/7/2012 15:23

This, fronterra Resources & Eurasia Mining have to be three of the most disappointing shares out there, I'm aware of, when it comes to lack of positive news, reflected in the share price slippage of course.

[steve243] 09/5/2012 16:12

Seen an interview with Ian Holzberger - Executive Chairman - interesting.

[js8106455] 09/5/2012 15:51

Found this amazing interview today with Metals Exploration,

Its worth a click:

[rupert1] 16/3/2012 18:27

Presumably there will be no material action here until MTL secure their funding. Any clues when that might be? Then after that we shall have to wait and see if there is actually any gold to be dug up!

[holism] 14/3/2012 07:01

Classic dog

[johnlll] 13/3/2012 22:33

Nobody knows nuffink Giantpeach2!

[giantpeach2] 07/2/2012 12:49

Whats going on!!! who knows something.

[johnlll] 06/2/2012 22:19

Sill here too THX1138. Still waiting.....zzzzzzz.....

[thx1138] 06/2/2012 14:21

I'm still here, waiting...

[davethechef] 06/2/2012 13:36

Need further updates/progress reports, i guess. But i bought in, partly on the basis we are so quiet re: present trading volume. Once a nice juicy gold increase RNS appears, we're off to the races, i forecast.
I once invested here, back in '05, but then we had years in the wildiness with delays. Mining tiddlers, simialrily EMED, can have these unfortunate delays, subsequently, fallen sp's. I'm hopeful of good share price appreciation soon though.

[giantpeach2] 06/2/2012 13:13

anyone else aboard for the ride to riches, or just me.

[davethechef] 06/2/2012 13:11

Just a few heavier buys, like last week, and we could be touching the mid-teens. IMO

[giantpeach2] 06/2/2012 08:51

yes looks like we may have news on the way!!!