MetalNRG PLC (MNRG.L) Conditional Equity Placing

MetalNRG plc (LSE:MNRG), the natural resource investing and exploration company, announces that it has raised 2.3 million before expenses, through a conditional placing (“the Placing”) of 385,000,000 new Ordinary Shares of 0.01p each (the “Placing Shares”) at a price of £0.006 per share (the “Placing Price”).

Representing a discount of approximately 10% to the Company’s closing mid-market share price on 9th March, when the Placing was arranged. The Placing Shares will have warrants attached on a one for one basis with an exercise price of £0.01 and an exercise period of 24 months from date of issue. The Placing was arranged by Peterhouse Capital Limited and SI Capital Limited as joint brokers for the Company.

The Placing & Admission

The Placing Shares will be issued credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares. The Placing is conditional upon: (i) approval by the FCA, and publication, of a prospectus relating to the Company; and (ii) admission of the Placing Shares to the standard segment of the official list of the FCA and to trading on the main market for listed securities of the London Stock Exchange plc (“Admission”). A further announcement concerning the expected date of the publication of the prospectus and timetable for Admission will be made in due course. Admission of the shares is anticipated to be in April subject to approval of the prospectus.

Use of funds will be for the further development of the Company’s Gold Ridge gold project in Arizona, as outlined by the Competent Persons Report completed by SRK Exploration Services which will be available on the Company’s web site. SRK have outlined an initial two staged follow up programme of structural and geological mapping and concurrent historical data validation and compilation. Funds will also be destined to complete the initial funding of BritNRG and for further development of BritNRG assets in Lincolnshire, specifically one side-track drilling of an existing shut-in well to create an additional producer at Whisby and the reprocessing and reinterpretation of seismic and geology at Newton on Trent and Reepham in view of potential development in 2022/23.

The person who arranged for the release of this information is Rolf Gerritsen, the Company’s Chief Executive Officer.

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