MetalNRG PLC (LSE:MNRG)’s good day continued as it noted partner EQTEC Italia has agreed a loan facility of €2.9 million to refinance its waste-to-energy plant in Gallina, Tuscany.
Terms of the 48-month loan are an annual interest rate of 2.5% over the six-month Euro Interbank Offered Rate which currently makes the interest rate c. 6.5%.
Banca del Fucino is providing the loan, which is guaranteed up to 80% by MedioCredito.
MetalNRG and Italia MDC anticipate that a series of plant improvements will be finished early in the next quarter and that Italia MDC will be able to draw down the full facility amount shortly thereafter.
Shares in MetalNRG rose 24% to 0.08p at midday, having gained around 30% earlier on news of a board overhaul with mining heavyweight Chris Chadwick joining as an executive director alongside two other senior appointments.