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01 Apr 2019 | 08:03

Metals Exploration gets standstill on debt repayments from lenders

Metals Exploration said its lenders HSBC and BNP Paribas and major shareholders MTL Luxembourg SARL and Runruno Holdings had entered into a standstill agreement regarding its borrowings.

Under the agreement, the company was relieved of making both principal and interest payments due in relation to its Runruno facility agreement and its mezzanine debt facilities.

The standstill period was to apply until 11.59pm Hong Kong time on 2 May 2019.

Under the standstill, the company would have the right to request a further extension to the standstill period should it consider this necessary.

Its purpose was to allow the company and all its lenders time to evaluate, and consider possible solutions to Metals Exploration's current financial position.

At 8:03am: (LON:MTL) Metals Exploration PLC share price was +0.3p at 1.15p

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