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DJ MetalNRG Plc Strategic Update

 
TIDMMNRG 
 
8 May 2019 
 
                                 MetalNRG plc 
 
                         (the "Company" or "MetalNRG") 
 
                             STRATEGIC UPDATE 
 
MetalNRG plc (NEX:MNRG), the natural resources investing company quoted on the 
NEX Exchange Growth Market in London, provides a strategic update to its 
investors following the announcement on 3 May 2019 (the "May Announcement"). 
This announcement covers a progress update on: (1) the Company's gold mining 
asset in Arizona, U.S.A (the "Gold Ridge Project"); (2) the Farm-in Agreement 
with IMC; (3) the earn-in agreement with Mkango Resources Limited ("Mkango") 
for the Company to earn up to 75% of the economic interest in the Thambani 
Licence controlled by Mkango in Southern Malawi over a 3 year period (the " 
Transaction Agreement") and (4) the status of the Company's application for its 
ordinary shares of nominal value 0.01 pence each to be admitted on the standard 
listing segment of the official list of the Financial Conduct Authority and the 
admission to trading on the main market for listed securities of London Stock 
Exchange plc (together, "Admission"). 
 
Gold Ridge Project: 
 
In the last few months, the Company has continued working towards finalising 
its plans to explore the Gold Ridge Project. MetalNRG can confirm that it has 
now completed the planning process and will move the Gold Ridge Project forward 
once it has secured funding. The funding will enable MetalNRG to secure the 
appropriate permits and to begin the necessary works on the available data and 
the mines at the Gold Ridge Project. 
 
Farm-in Agreement with IMC: 
 
As per the May Announcement, MetalNRG and IMC, via a Side Letter, have 
suspended the Farm-In Agreement and all their contractual and financial 
obligations thereunder for the duration of the Uranium Ban, whilst MetalNRG 
still maintains its current financial interest. IMC has continually held that 
its planned activities at the Kamushanovskoye uranium deposit in Kyrgyzstan of 
'cleaning' the peat and contained groundwater, which carries high levels of 
uranium (such uranium often contaminating the local water supplies), would 
amount to those of processing waste. The Company will continue to monitor the 
proposed Uranium Ban closely and maintain communication with IMC on the 
possibility of any exemption to the Uranium Ban which has been suggested. If 
the Uranium Ban is revoked, or IMC obtains a Potential Exemption, the Company, 
in its sole discretion, may reconsider its current suspension of financial 
obligations with IMC and seek to bring the Uranium Project into production. 
 
Transaction Agreement with Mkango: 
 
MetalNRG is currently progressing with due diligence on the Thambani Licence 
held by Mkango and confirms its intention to enter into the Transaction 
Agreement. MetalNRG and Mkango are working towards entering into the 
Transaction Agreement on or before 30th June 2019. 
 
Admission: 
 
Prior to the proposed Uranium Ban, MetalNRG had submitted a draft prospectus to 
the FCA in connection with its application for Admission. Due to the unforeseen 
nature of the proposed Uranium Ban, the Company is temporarily delaying the 
application for Admission, and will make further announcements in due course. 
 
Rolf Gerritsen, CEO of MetalNRG commented: "MetalNRG is committed to migrating 
to the main market for listed securities of the London Stock Exchange plc and 
adding real value to its shareholders, however due to unforeseen circumstances 
we have had to slow the process down for now. We are working closely with our 
partners, IMC and Mkango to make progress and will keep investors informed of 
developments as and when possible". 
 
Rolf Gerritsen, CEO of MetalNRG, arranged for the release of this announcement. 
 
The directors of the issuer accept responsibility for the contents of this 
announcement. 
 
For further information, please contact: 
 
MetalNRG PLC 
Rolf Gerritsen (Chief Executive        +44 (0) 20 7796 9060 
Officer) 
 
NEX Exchange Corporate Adviser 
PETERHOUSE CAPITAL LIMITED 
Guy Miller/Mark Anwyl                  +44 (0) 20 7469 0930 
 
Corporate Broker 
SI CAPITAL 
Nick Emerson                           +44 (0) 1483 413500 
 
 
 
END 
 

(END) Dow Jones Newswires

May 08, 2019 07:23 ET (11:23 GMT)