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LONDON (Alliance News) - Metals Exploration PLC on Wednesday said it has agreed a USD4 million loan facility from major shareholders Sarl Ltd and Runruno Holdings Ltd.
The stock was trading 8.6% lower on Wednesday at 2.40 pence per share.
Under the terms, the exploration company said it will pay a 2% arrangement fee on signing and a 20% interest rate per annum.
Metals Exploration said it requires additional funds for general short-term working capital use and to facilitate an interest payment due on Tuesday next week to its senior lenders.
The company owes USD20.3 million to the HSBC Corp Ltd and BNP Paribas.
Metals Exploration said it is in talks with third party finance providers and its senior lenders to find a solution to its overall debt position.