logo-loader

Metals Exploration seeks additional funding for working cap

Published: 10:44 15 Jul 2016 BST

6022835400_40b3e78ed3_o_5788b119269d0
Discussions on restructuring Runruno's US$75mln debt facility and US$8mln cost overrun facility continue after the group failed to meet the required US$15mln capital payment, which was due on June 30.

Metals Exploration Plc (LON:MTL) is in talks with  major shareholders in a bid to raise US$5mln for additional working capital, it revealed, adding that the milling at the Runruno gold mine had resumed.

The group suspended milling at the site in the Philippines after feeding-in problems at the tail end of June.

Immediate additional funding is needed now due to the mill suspension delaying expected revenue, debt restructuring discussions taking longer than expected, and a requirement by lenders to make a bi-annual interest payment against the current Runruno facility, the miner said.

No agreement on the US$5mln has as yet been reached and a further announcement will be made.

Discussions on restructuring Runruno's US$75mln debt facility and $8mln cost overrun facility continue after the group failed to meet the required US$15mln capital payment, which was due on June 30.

Metals Exploration's shares in London fell almost 24% to stand at 7.63p.

Chesnara reports strong 2023 results with improved cash generation and...

Chesnara PLC (LSE:CSN) chief executive Steve Murray discusses the company's full-year results for 2023 with Proactive's Stephen Gunnion, describing them as strong and particularly highlighting £53 million in commercial cash generation and a dividend coverage of around 150%. The company has...

1 hour, 24 minutes ago