LONDON (Alliance News) - Metals Exploration PLC said Friday it requires immediate additional funding for general working capital, as a result of debt restructuring discussions taking longer than expected and its milling activities being suspended.
Metals Exploration needs the funding beause its lenders for the Runruno project in the Philippines require a bi-annual interest payment against the current Runruno facility.
Metals Exploration said it is currently in talks with major shareholders to raise USD5 million of additional working capital, but said no agreement has been reached at this time.
Additionally, it is continuing talks with the Runruno project's lenders to restructure its debt and cost overrun facilities, having failed to make a required USD15 million capital payment that was due at the end of June.
Shares in Metals Exploration were down 25% at 7.50 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Metals Exploration (MTL)