The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMetalnrg Plc Regulatory News (MNRG)

Share Price Information for Metalnrg Plc (MNRG)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.09
Bid: 0.08
Ask: 0.10
Change: 0.00 (0.00%)
Spread: 0.02 (25.00%)
Open: 0.09
High: 0.095
Low: 0.09
Prev. Close: 0.09
MNRG Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Kyrgyzstan Investment Update

6 Feb 2023 07:00

RNS Number : 9392O
MetalNRG PLC
06 February 2023
 

 

6 February 2023

MetalNRG plc

Update on MetalNRG's investment in Kyrgyzstan

MetalNRG plc ("MetalNRG" or the "Company") provides an update on developments in connection with its investment in International Mining Company Invest ("IMC") the indirect investment in IMC's uranium asset in Kyrgyzstan.

 

As previously announced, the Parliament in Kyrgyzstan imposed a ban on all exploitation of uranium in country in April 2019, whilst, on 22 January 2019, the Government had granted IMC a mining licence for the mining of uranium within IMC's Kamyshanovskoye uranium deposit.

 

The deposit holds a resource of JORC Measured and Indicated 1,410,600 kg U = 3,653,454 lb U3O8; while JORC inferred is 1,960,500 kg U = 5,077,695 lb U3O8. The cost of the uranium in the ground is based on the price of U3O8 per pound (lb) at the time of calculation. The current price is US$ 50.8/lb U3O8. The estimated current value of the asset is accordingly in the region of US$ 151 million.

 

At the time of the ban, MetalNRG held a 9.9% equity interest in the asset; since the ban, MetalNRG has supported IMC with a convertible loan facility for a total of US$ 341,441 to date. The agreement between IMC and MetalNRG provides that repayment of the convertible loan facility is either (i) via a conversion at 3 times the principal amount advanced into equity in IMC, if the project is reinstated; or (ii) repayment of 300% of the principal amount advanced in cash, in the event that IMC receives or reaches a compensatory settlement with the government of Kyrgyzstan.

 

Following many months of negotiations with the incumbent Government, IMC has now filed for arbitration with the International Centre for Settlements of Investment disputes (the "ICSID").

 

IMC's claim before the ICSID is for a minimum compensatory payment of US$ 63 million, plus interest and legal fees, to be assessed. The ICSID tribunal designated to hear the claims has now been constituted and the first hearing is scheduled for 9 March 2023.

 

The legal firm representing IMC, ENYO Law, who are based in London, have agreed a contingent fee arrangement based on the successful outcome of the claims presented to the ICSID. ENYO Law will receive 50% of any sums awarded, after the deduction of legal expenses. The balance of any award will be due to IMC (which will then distribute any sum on the basis of the arrangements currently in place with MetalNRG. If the case is lost before the ICSID, IMC has no obligations or liability for legal Enyo Law's fees. Further details are available on https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/22/25.

 

Rolf Gerritsen, CEO, commented:

 

"After months of negotiations, IMC, with our support, has decided to proceed to arbitration and seek a full compensation for the projected benefits the project would have created".

 

 

END

 

Contact details:

MetalNRG plc

Rolf GerritsenChristopher Latilla-Campbell

+44 (0) 20 7796 9060

Corporate BrokerPETERHOUSE CAPITAL LIMITEDLucy Williams/Duncan Vasey

+44 (0) 20 7469 0930

Corporate BrokerSI CAPITAL LIMITEDNick Emerson

+44 (0) 1483 413500

 

 

4148-7076-0001.1

 

 
 
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NRAUOVORONUURUR
Date   Source Headline
27th Oct 202210:52 amRNSFurther litigation update
27th Oct 20227:00 amRNSLitigation Update
17th Oct 20227:00 amRNSLitigation Update
7th Oct 20227:00 amRNSConvertible Loan Notes
7th Oct 20227:00 amRNSIssue of Equity
5th Oct 202212:18 pmRNSHolding(s) in Company
30th Sep 20227:00 amRNSHalf-year Report
28th Sep 20223:04 pmRNSUpdate on Legal Proceedings
25th Aug 20227:00 amRNSIssue of Equity
8th Aug 20227:00 amRNSUpdate on Legal Proceedings
29th Jun 202211:45 amRNSRequest for a General Meeting
20th Jun 20223:49 pmRNSResult of AGM
8th Jun 20227:00 amRNSLegal Proceedings Update
27th May 20227:00 amRNSAnnual Report and Notice of AGM
26th May 20227:00 amRNSLegal Proceedings Update
18th May 20227:00 amRNSGold Ridge - Results from Geochemical Sampling
29th Apr 20229:45 amRNSFinal Results
18th Mar 20227:00 amRNSUpdate on legal proceedings
9th Mar 20227:00 amRNSEQTEC Business Partnership Funding Update
28th Feb 20227:00 amRNSBritNRG Update
2nd Feb 20227:00 amRNSUpdate on the Company’s EQTEC Italia Investment
2nd Feb 20227:00 amRNSISSUE OF CONVERTIBLE LOAN NOTES
31st Jan 20227:00 amRNSCommencement of legal proceedings
18th Jan 20227:00 amRNSResearch Note publication
16th Dec 20217:00 amRNSEQTEC PLC SHARE EXCHANGE AND TOTAL VOTING RIGHTS
22nd Nov 20217:00 amRNSGoldridge Update
18th Nov 20212:58 pmRNSHolding(s) in Company
18th Nov 20212:05 pmRNSSecond Price Monitoring Extn
18th Nov 20212:00 pmRNSPrice Monitoring Extension
18th Nov 20217:00 amRNSBritNRG Limited Update
5th Nov 20212:11 pmRNSHolding(s) in Company
5th Nov 20212:08 pmRNSHolding(s) in Company
26th Oct 20217:00 amRNSItalian Waste to Energy Plant Update
25th Oct 20215:05 pmRNSHolding(s) in Company
25th Oct 20217:00 amRNSDirectorate Change
19th Oct 20217:00 amRNSHolding(s) in Company
19th Oct 20217:00 amRNSHolding(s) in Company
7th Oct 20217:00 amRNSHoldings in Company
6th Oct 20217:00 amRNSIssue of Equity
29th Sep 20217:00 amRNSHalf-year Report
9th Sep 20217:00 amRNSHolding(s) in Company
1st Sep 20217:00 amRNSBritNRG Operational Update
31st Aug 20217:00 amRNSHolding(s) in Company
26th Aug 20215:03 pmRNSHolding(s) in Company
20th Aug 20217:00 amRNSConversion of loan facility and Issue of Equity
21st Jul 20217:40 amRNSIssue of Equity
6th Jul 20217:00 amRNSIssue of Equity
25th Jun 20212:33 pmRNSResult of Annual General Meeting
24th Jun 20219:24 amRNSDirector Dealing
21st Jun 20219:48 amRNSDirector Dealing

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

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

Quickpicks are a member only feature

Login to your account

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