MetalNRG plc (NEX:MNRG) today announces that the Company and Mkango Resources Limited, (“Mkango”) have agreed to terminate their Non-Binding Heads of Terms Agreement announced on 29 April, 2019, which set out their intention to enter into an earn-in agreement (the “Transaction Agreement”) for MetalNRG to earn up to 75% of the economic interest in the Thambani Licence.
The parties were due to have entered into the Transaction Agreement on or before 30th June 2019.
Rolf Gerritsen CEO of MetalNRG said “Unfortunately, with the current and ongoing uncertainty in Kyrgyzstan, we are not in a position to commit funding to Thambani by the 30 June deadline. This is disappointing for us, as we saw significant potential in the Tambani Project”
MetalNRG continues to explore opportunities for the Company and may re-engage with Mkango at a future time, should funding become available.
Certain information contained in this announcement may have been deemed inside information for the purposes of Articles 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Rolf Gerritsen, CEO of MetalNRG, arranged for the release of this announcement.
The directors of the Company accept responsibility for the contents of this announcement.
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