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(Alliance News) - Shares in Metals Exploration PLC were suspended on Monday after the natural resources exploration company said it has been unable to reach an agreement on the continuation of a standstill agreement.
The company has been in talks over its debt position for some time, having asked lenders for a standstill on repayments in order to seek a restructuring of its senior debt facility.
In January, Metals Exploration said major shareholders Runruno Holdings Ltd and MTL Guernsey Ltd purchased all rights and obligations under a USD68.5 million facility from HSBC Holdings PLC and BNP Paribas SA.
However, on Monday, the company said it has been unable to agree a standstill with lenders, adding the amount owed under the senior facility is now around USD69.0 million, with the amount owed under its mezzanine debt facilities at around USD59.6 million.
The company does not have sufficient liquidity to fully repay either of the senior facility or the mezzanine debt facilities on their current terms, Metals Exploration said.
Trading in the company's shares have been suspended while discussions with the new lenders proceed.
By Ife Taiwo; ifetaiwo@alliancenews.com
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