Proceeds will move Runruno project towards commitment to development
By Devika Patel
Knoxville, Tenn., Nov. 12 - Metals Exploration plc said it arranged a convertible credit facility placement with Shelfco 724 Ltd.
The £13 million facility can be drawn in monthly tranches for a term of 364 days. Interest accrues at 10% per year, and the principal is convertible into shares at 13p, a 1.96% premium to the Nov. 11 closing share price of 12.75p.
Proceeds will be applied to advancing the company's Runruno project towards a commitment to development and for general working capital.
Metals Exploration is a London-based minerals exploration company focused on the Philippines.
| Issuer: | Metals Exploration plc
|
| Issue: | Convertible credit facility
|
| Amount: | £13 million
|
| Maturity: | 364 days
|
| Coupon: | 10%
|
| Conversion price: | 13p
|
| Conversion premium: | 1.96%
|
| Warrants: | No
|
| Investor: | Shelfco 724 Ltd.
|
| Settlement date: | Nov. 12
|
| Stock symbol: | London: MTL
|
| Stock price: | 12.75p at close Nov. 12
|
| Market capitalization: | £35.74 million
|
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