Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMtl.l Share News (MTL)

  • There is currently no data for MTL

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Metals Exploration Extends Lenders Standstill Deal Amid Ongoing Talks

Fri, 28th Jun 2019 17:03

(Alliance News) - Metals Exploration PLC confirmed Friday it had extended the standstill agreement with its lenders and major shareholders until July 31 as debt restructure talks continue.

Metals Exploration explained the holders of its mezzanine debt facility - being lenders HSBC and BNP Paribas and major shareholders MTL Luxembourg Sarl and Runruno Holdings Ltd - had agreed to the follow up extension.

Under the standstill agreement, Metals Exploration does not need to make any principal of interest payments on its debt.

On Tuesday, the miner explained it would have to pay USD44.1 million in both principal and interest payments on its senior facility. It currently does not have the funds to make these payments.

"The purpose of the standstill agreement is to allow the company and all its lenders time to evaluate, and consider possible solutions to, Metals Exploration's current financial position," Metals Exploration explained on Friday.

Shares in Metals Exploration closed 6.9% lower at 0.60 pence in London on Friday.

More News

UK TRADING UPDATE SUMMARY: Avacta, Genedrive Progress With Virus Tests

UK TRADING UPDATE SUMMARY: Avacta, Genedrive Progress With Virus Tests

1 May 20 13:28

Metals Exploration Reports Reduced Resources At Runruno In Philippines

Metals Exploration Reports Reduced Resources At Runruno In Philippines

28 Apr 20 08:34

UK TRADING UPDATE SUMMARY: Dividends Continue To Suffer From Covid-19

UK TRADING UPDATE SUMMARY: Dividends Continue To Suffer From Covid-19

26 Mar 20 12:47

Metals Exploration Shares Suspended Amid Financial Uncertainty

Metals Exploration Shares Suspended Amid Financial Uncertainty

9 Mar 20 16:37

Metals Exploration Reports Record Quarterly Gold Production

Metals Exploration Reports Record Quarterly Gold Production

19 Feb 20 17:21

CORRECT (Jan 22): Metals Exploration Shareholders Take Over Bank Debt

CORRECT (Jan 22): Metals Exploration Shareholders Take Over Bank Debt

10 Feb 20 06:56

Metals Exploration Debt Taken Over By HSBC, BNP Parbis

Metals Exploration Debt Taken Over By HSBC, BNP Parbis

22 Jan 20 10:03

Metals Exploration Gold Sales Rise; Eyes Removal Of Illegal Miners

Metals Exploration Gold Sales Rise; Eyes Removal Of Illegal Miners

15 Nov 19 11:56

Metals Exploration exceeds mining and processing budgets in third quarter

(Sharecast News) - Natural resources exploration and development company Metals Exploration updated the market on operations at the Runruno gold project in the Philippines for the latest quarter on Friday.

15 Nov 19 11:45

Metals Exploration cuts interim loss after gold production jumps

(Sharecast News) - Shares in Metals Exploration climbed on Friday after the company slashed its interim loss following a surge in gold production that bolstered revenues.

13 Sep 19 09:50

Metals Exploration Interim Loss Slashed By Gold Sales And Price Jump

(Alliance News) - Mining firm Metals Exploration PLC said Friday its interim loss was reduced as revenue leapt on rising gold sales and prices.For the six months ended June, pretax loss to

13 Sep 19 08:09

Metals Exploration Loan Standstill Talks Delayed By Typhoon Warning

(Alliance News) - Metals Exploration PLC on Thursday said it was not able to formally extend its standstill agreement with creditors due to a typhoon warning.Shares in Metals Exploration to

1 Aug 19 13:32

Metals Exploration Extends Lenders Standstill Deal Amid Ongoing Talks

(Alliance News) - Metals Exploration PLC confirmed Friday it had extended the standstill agreement with its lenders and major shareholders until July 31 as debt restructure talks Exploration the -

28 Jun 19 17:03

Metals Exploration Debt Talks Ongoing; Happy With Runruno Performance

(Alliance News) - Metals Exploration PLC said Tuesday negotiations to restructure its debt continue, and it is seeking an extension to the standstill agreement, which ends this in the mineral and

25 Jun 19 13:14

Metals Exploration Renews Again Standstill Agreement With Lenders

LONDON (Alliance News) - Metals Exploration PLC on Monday said it renewed once more a standstill agreement with its lenders and major shareholders for a further month until June 28.The the

3 Jun 19 14:25

Login to your account

Don't have an account? Click here to register.