LONDON (Alliance News) - Metals Exploration PLC on Friday said the lenders of a USD6.6 million short term loan have approved an extension of deadline to the end of January, to allow the company to fulfil the conditions subsequent to the loan.
At the end of 2018, the natural resources company applied to extend the loans consolidation deadline to January 31 after failing to meet a key condition.
The USD6.6 million standby loan was provided by major shareholders MTL Luxembourg Sarl Ltd and Runruno Holdings Ltd for short-term working capital purposes.
Under the terms of this loan, Metals Exploration needed to consolidate four of its pre-existing short-term shareholder loans into a single mezzanine-style facility by the end of 2018, but it has not done so.
Metals Exploration shares were trading 2.4% higher on Friday at 0.845 pence each.
Metals Exploration (MTL)