Metals Exploration Plc (LON:MTL) has announced that its discussions with a mezzanine debt provider for the provision of a working capital facility are ongoing and that it remains the company's expectation that such a facility will be in place prior to 30 June 2017. In the meantime, the company has approached its two major shareholders for a US$2 mln loan to enable it to meet working capital requirements and to provide a scheduled repayment to senior lenders. The shareholders have agreed in principle to provide the loan on a pro-rata basis in proportion to the size of their shareholding and subject to agreeing contract terms.
Metals Exploration secures short-term loan ahead of planned mezzanine finance
Short-term loan should tide the company over until more formal debt facilities are put in place at the end of June