Share Talk spoke with Rolf Gerritsen, CEO of MetalNRG to gain a better understanding of companies latest announcements and what it means for the company and shareholders.
MetalNRG plc (LON:MNRG) the natural resource investing and exploration company inform the market that it has entered into a bid implementation agreement for the acquisition of Lake Victoria Gold Ltd (“LVG”) and to acquire 100% of its shares in issue.
Having completed due diligence, its subsidiary joint venture undertaking, BritNRG Limited (“BritNRG”), has signed a Sale and Purchase Agreement with Mr Rupert Lycett Green to acquire the entire issued share capital of Sunswept Enterprises Limited (“Sunswept”) and its subsidiaries. Completion will occur in the following weeks, subject to certain conditions including confirmation of no objection to the change of control of Sunswept from the UK Oil and Gas Authority.
BritNRG will become MetalNRG’s special purpose vehicle focused on energy opportunities and eventually it will be owned 50% by MetalNRG and 50% by international private investors, who will form part of BritNRG’s board of four directors and an experienced management team. MetalNRG will have a casting vote at Board level in case of tied voting.
Arizona Gold Ridge Gold Mine During the lockdown period the Company has carefully reviewed available data and has reviewed proposals from US based contractors to carry out exploration work on un-worked ground, between levels 4 and 6 of the Gold Prince Mine.
The ultra high-grade sample from the pillar boulder, at 115 ounces per tonne, is an indication of the potentially high-grade gold retained in the pillars, and as a near term revenue source pillar processing conducted safely could provide material and early revenue stream for the Company.
The very high-grade gold sample our contractors identified visible gold within level 6 and whilst assessing the pillars. As a result the Company decided to implement a fast track review of the pillars’ gold mineralisation, which may provide an additional, potentially significant and relatively near term revenue opportunity for the Company, alongside processing of gold in the waste dumps which we are preparing for in parallel.
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