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(MNRG) Metal NRG Share Chat

Discussion in 'Metal NRG (MNRG.L)' started by jackjack, Oct 12, 2017.

  1. jackjack

    jackjack Administrator Staff Member

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  2. jackjack

    jackjack Administrator Staff Member

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  3. Inspiration

    Inspiration Moderator Moderator

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    Thanks for setting this up JackJack.

    This one is definitely in favour at the moment. Paul Johnson bought this former MTR subsidiary with Gervaise Heddle, CEO of GGP, when MTR was restructured at the end of 2016/early 2017.

    It trades on the NEX Exchange, but it's possible to buy shares via Hargreaves Lansdown and other brokers buy telephoning.

    Here are today's trades:
    http://www.nexexchange.com/company-all-latest-trades?isin=GB00B15FS791&listingtypeid=PLPR

    Link to company's website:
    http://www.metalnrg.com/

    There is huge interest in cobalt for batteries and Australia is one of the safest jurisdictions. (About 65% of the world's cobalt has been found in the DRC, but the political risks put many investors off and there are questions over child labour, although there are some big miners there and RGM are considering an investment https://qz.com/1087495/cobalt-miners-are-leaving-dr-congo-for-canada-and-europe-to-meet-demand/ ).

    The directors' holdings are at this link and Andrew Neal issued a TR1 saying he holds just over 4% (5.6m shares)
    http://www.metalnrg.com/investors/share-capital-structure

    We have a habit of all buying together and causing spikes, when there aren't many shares in circulation, as some of us will remember with NYO, LION and other shares, so keep an eye on the share price and time your buys carefully.

    Year low 0.5p
    Year high 3p (today)
    http://www.nexexchange.com/member?securityid=11071
     
    Last edited: Oct 18, 2017
  4. Inspiration

    Inspiration Moderator Moderator

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    3.5p just paid.
     
    Makaira88 likes this.
  5. tricombe

    tricombe Member

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    I spoke to HL this morning and was quoted 1.7, it went through to the dealer and he could only offer 2.7...

    It will be a lot easier if it goes to online trading but may not be at this price then of course.
     
    Makaira88 likes this.
  6. jackjack

    jackjack Administrator Staff Member

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  7. mart101

    mart101 Demi God of BlueShare

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    Anybody still here?

    Looks like something happening at long last

    MetalNRG PLC
    (the "Company" or “MetalNRG”)

    Strategic Update, Board Restructuring and Director Financing

    MetalNRG plc (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London is pleased to provide a business update to shareholders encompassing a strategic update, board restructuring and director financing.

    Highlights:

    • MetalNRG continues to build its portfolio with Cobalt, Lithium and Gold opportunities in North America (USA/Canada) and Western Australia (including the Pilbara);

    • Project review work undertaken has created a pipeline of new resource projects and other investment opportunities particularly in recent months;

    • The range of opportunities identified are more than MetalNRG could house internally and the Company has identified a route to secure shareholder value by assisting project owners with access to new investment, application of commercial management and where appropriate assist these entities in making application to trading on the NEX Exchange Growth Market or the Standard List of the London Stock Exchange;

    • MetalNRG has progressed a number of potential new company initiatives and is now preparing, with advisors, to secure London Stock Exchange Standard List admissions for a new resource investing company and thereafter a number of new operating companies which will generally be focused on commodity or geography specific resource opportunities;

    • In addition, the Board is considering moving MetalNRG to the standard segment of the London Stock Exchange to improve traded liquidity and provide wider access to capital for the Company;

    • To ensure maximum efficiency and focus in pursuing MetalNRG‘s new development plan, Paul Johnson has stepped down as the Company’s Chief Executive Officer and the Company has appointed Rolf Gerritsen as Chief Executive Officer with immediate effect. Paul Johnson will remain on the Board as a Non-Executive Director and will be focused on new project opportunities and assisting the new Chief Executive Officer with the development of new listed vehicles;

    • Mr Gerritsen’s remuneration package is to be weighted heavily towards successful delivery of corporate transactions;

    • Mr Gerritsen will also be granted share options over 5 million MetalNRG ordinary shares with an exercise price of 3p per share and exercisable at any time after 12 months of service, until the third anniversary of his appointment. The options are also subject to the admission of one new investee company being admitted to a publicly regulated stock exchange;

    • MetalNRG will help coordinate the listing of new companies to regulated stock exchanges and will receive shares in such companies as compensation for this coordination work. This will also reflect the value of any existing interest in projects and companies that are spun out of MetalNRG via application to trading on a regulated stock exchange. In addition, the Company may choose to invest pre-IPO, and upon IPO in new listed companies, to increase its exposure via obtaining further shares in these companies;

    • As a demonstration of their commitment to the Company and its development plan, the new Chief Executive Officer, Rolf Gerritsen, and the outgoing Chief Executive Officer, Paul Johnson, will each invest £50,000 in subscribing for new MNRG ordinary shares at 2p per share and will be issued with 1 for 1 warrants exercisable at 3p per share and at any time for a period of three years from grant;

    • The £100,000 investment by Mr Gerritsen and Mr Johnson demonstrates commitment to the business model and provides the Company with additional working capital to help finance a step change in growth within the Company;

    • The Company’s intention through the above developments is to become a London focused mining investment and development house, providing a mechanism for quality resource project owners to see proactive advancement and financing for their resource opportunities;

    • Should the Company be successful, MetalNRG shareholders will see the value of their shareholding appreciate through project development internally and also from the increasing portfolio of stakes in new listed vehicles.

    Paul Johnson, MetalNRG’s outgoing Chief Executive Officer commented “I am pleased that we have reached a point where leadership of MetalNRG can now be passed to Rolf Gerritsen, who is a capable and driven executive with extensive relevant experience.

    The level of work pressures in recent months has been considerable with numerous individuals, groups and organisations seeking finance, management and listings for their projects. My work time has been spent on developing these interests. As a result, through MetalNRG a substantial pipeline of new resource projects and other investment opportunities has been secured. In respect of those opportunities suitable for new listings, these will be available to MetalNRG should it wish to take them forward.

    In order to move these opportunities forward, MetalNRG needs a dedicated full-time Chief Executive Officer, not just to coordinate and manage MetalNRG’s general corporate activities, but also to manage the process of new corporate transactions and the development of new listed companies.

    There is a lot of work to do, however, given the substantial equity participation of the board of MetalNRG and the remuneration package developed for Rolf, financial returns will only come for the Board and the shareholders if MetalNRG’s development plan is successful.”

    Rolf Gerritsen, MetalNRG’s new Chief Executive Officer, added: “I look forward to building MetalNRG as an active constituent of the London resource investment and development community.

    There are certain ingredients needed to build a successful resource investing house in London. Access to deal flow is paramount and we certainly have that. We have strong support from investors for which we are grateful and this continued support will be needed as the new investee companies we create, and seek to move to trading on regulated stock exchanges, will be looking themselves to raise capital. Finally, an understanding of the marketplace including investors’ expectations, market practice and, particularly in our case, the listing processes, is key. We have built that awareness internally and have the business advisory relationships needed to undertake our work.

    Taking a look at the market, despite being in the early stage of the resource sector recovery process, there are investable listed/quoted resource companies with modest market valuations. We therefore see an opportunity now to develop new reasonably valued listed companies which will be attractive to resource investors. Good quality listed resource companies with attractive portfolios and finance will, I believe, attract considerable interest which will provide an opportunity for MetalNRG to secure material capital gains.

    More information on our development will follow and I will ensure we regularly communicate new developments to the market.”

    Financing Subscription Information

    Rolf Gerristen, MetalNRG’s new Chief Executive Officer, will invest £50,000 in subscribing for 2,500,000 new MetalNRG ordinary shares at 2p per new share. In addition, Rolf Gerritsen will be issued with 2,500,000 warrants, each to subscribe for a further new ordinary share at an exercise price of 3p. The warrants will have a 30 month exercise life.

    Following the issue of the new MetalNRG ordinary shares and admission to trading, Rolf Gerritsen will hold 2,500,000 MetalNRG ordinary shares representing 1.73% of the then issued share capital of the Company.

    Paul Johnson, MetalNRG’s outgoing Chief Executive Officer, will invest £50,000 in subscribing for 2,500,000 new MetalNRG ordinary shares at 2p per new share. In addition, Paul Johnson will be issued with 2,500,000 warrants, each to subscribe for a further new ordinary share at an exercise price of 3p. The warrants will have a 30 month exercise life.

    Following the issue of the new MetalNRG ordinary shares and admission to trading Paul Johnson will hold 17,413,634 MetalNRG ordinary shares representing 12.06% of the then issued share capital of the Company.

    In total 5,000,000 new MetalNRG ordinary shares are expected to be admitted to trading on NEX Exchange Growth Market on or around 9 March 2018.

    Total Voting Rights

    For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), following completion of the issue of the new MetalNRG ordinary shares referred to above, the issued ordinary share capital of MetalNRG will consist of 144,326,404 ordinary shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, MetalNRG under the DTRs.

    Background Biography and Regulatory Information - Rolf Gerritsen:

    Rolf Gerritsen is an entrepreneurial executive, with strong strategic, organisational, commercial and financial skills and an exceptional delivery record developed over the last 30 years. Rolf Gerritsen has specific focus on the Natural Resources sector including strategic development & implementation and sourcing capital for growth companies, special situations and restructuring.

    Rolf, who speaks 4 languages fluently has extensive international experience and has worked in Europe, The USA, Africa, Australia, Middle East, the Far East and South America.

    Over the last few years he has worked with the Boards of listed and private mining companies developing, designing and implementing growth strategies while ensuring the appropriate capital is sourced to deliver the plan. Recent experience includes:

    • Initiated the acquisition of an AIM listed company, restructured the Board, the management team and raised funds to secure its survival.

    • Worked with the board of an AIM listed mining company advising on all strategic investor relation aspects, raised more than US$90 million in project finance and equity to fund the development of a new mine which is now operational.

    • Worked with the board of a private mining company and raised US$40 million to fund the reopening of a Nickel mine in Africa.

    • Working with a private investment fund identifying investment targets on AIM, leading the investment process, the due diligence process leading to successful investments.

    • Working with the board of an AIM listed Alternative Energy group on a secondary placement to strengthen their balance sheet to ensure funding can be put in place at a project level.

    Current Directorships and Partnerships Past Directorships and Partnerships over the last 5 years
    ECRG Limited None
    RCA Associates Limited
    Pearman Investments LLP
    Pursuant to Paragraph 21, Appendix 1 of the NEX Exchange Growth Market Rules for Issuers, ECRG Limited is in a Voluntary Arrangement for a period of 36 months and is making voluntary contributions to HMRC which commenced in May 2017. The Voluntary arrangement has been approved by a creditors meeting. The Arrangement included approximately £66,000 owing to HM Revenue & Customs. To date the amount paid to the administrators amounts to £24,000 and the total outstanding debt to creditors is currently £44,000.

    There is no further information that is required to be disclosed pursuant to Paragraph 21, Appendix 1 of the NEX Exchange Growth Market Rules for Issuers.

    The Directors of the Company accept responsibility for the contents of this announcement.
     
    Inspiration, jackjack and tricombe like this.
  8. mart101

    mart101 Demi God of BlueShare

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    MetalNRG Plc
    Pilbara Palomino Cobalt Licence Application Gra...
    06 March 2018

    MetalNRG PLC

    (the "Company" or “MetalNRG”)

    Pilbara Palomino Cobalt Project Licence Application Granted

    MetalNRG plc (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London is pleased to confirm that one of the Palomino Cobalt Project exploration licence application, over which the Company has the right to acquire 100%, has now been granted.

    Information relating to this licence and the investment by the Company in Australian Cobalt and the Palomino Cobalt project was outlined within the Company’s news announcement dated 29 June 2017 with the original transaction information replicated below to assist readers.

    Highlights:

    •Application for exploration licence E46/1167 now granted by the Western Australia Department of Mines, Industry Regulation and Safety;

    •E46/1167 represents an area covering ten graticular blocks or circa 31.9 square kilometres of ground;

    •The area covered by the Palomino Cobalt Project

    •MetalNRG has the right to acquire 100% of the Palomino Cobalt project, when the licence applications are granted, subject to the issue to the vendors of two million MetalNRG shares;

    •MetalNRG is taking the steps to finalise this transaction and is working with our Joint Venture partners to prepare a work programme for next stage exploration;

    •Further information will follow shortly via market announcements.

    Rolf Gerritsen, MetalNRG’s new Chief Executive Officer, added: “I am delighted to announce the award of this important exploration licence which marks formal commencement of the Company’s first direct project investment.

    Cobalt is a highly attractive metal for resource investors. With the current LME cobalt cash price up 38% since June 2017, at $79,000/t, it is a good time to be investing in new cobalt opportunities.

    I look forward to providing further updates to market as we embark on progressing this exciting project.”

    Original Transaction Information (updated from 29 June 2017) (except that the block has been revised to “circa 32 square kilometres” instead of “circa 40 square kilometres” as originally stated in the announcement of 29 June 2017”):

    “The Palomino Cobalt Project is an exploration block of circa 32 square kilometres in Western Australia covered by exploration licence applications that we understand has been submitted on a first-in-line basis. The ground is prospective for cobalt and with significant evidence of cobalt mineralisation from surface based exploration work and notably stream sediment sampling.

    In addition the Company, with the vendors, will be seeking to secure additional ground in the area of a similar square kilometre footprint with immediate effect to double the area covered by the existing applications.

    To secure the right to acquire 100% of the above licence applications, when they become granted licences and subject to the normal regulatory approvals needed for licence transfers, MetalNRG has agreed to cover the direct costs of the vendor up to circa A$15,000 and to issue one million MetalNRG shares to the vendors at a deemed price of 1.5p per new ordinary MetalNRG share.

    Upon granting of the applications MetalNRG will issue a further two million shares to the vendors at a deemed price of 1.5p per new MetalNRG ordinary share.”

    On 27 October 20017 it was further announced:

    “In recognition of the additional work that has been undertaken by our Australian partner, Redstone Metals Pty Limited (“Redstone”), the Company has agreed to issue 500,000 new ordinary MetalNRG plc shares to Redstone at a deemed price of 1.5p which reflected the share price at the time the work was undertaken. This is separate and in addition to the original terms agreed for the right to acquire Palomino as outlined above and detailed originally within our announcement of 29 June 2017.

    The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who is a qualified geologist who acts as Competent Person. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by MetalNRG PLC to provide technical support.”

    The Directors of the Company accept responsibility for the contents of this announcement.

    This announcement contains inside information for the purpose of Articles 7 of EU Regulation 596/2014.
     
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  9. John.Fry

    John.Fry Well-Known Member

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  10. Inspiration

    Inspiration Moderator Moderator

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    MNRG are looking to move off NEX.


    MetalNRG PLC
    (The "Company" or “MetalNRG”)

    EARLY WARRANTS EXERCISE AND DIRECTOR OPTIONS EXERCISE

    and

    BUSINESS UPDATE

    MetalNRG plc (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London, is pleased to announce the exercises of warrants and options and a business update for shareholders.

    Early Warrants Exercise

    Recognising the Company’s desire to see a listing on the Standard List of the London Stock Exchange, the Company sought early exercise of the warrants that were attached to the March 2017 financing to provide additional financial flexibility to the Company when executing this market transfer. As compensation for early exercise the relevant warrant holders will receive 1 for 1 replacement warrants exercisable at 3p per share with a life to expiry of 24 months.

    The Company is pleased to advise that it has now received notification that 15,750,000 warrants are to be exercised early at 1p per share generating an additional £157,500 for the Company. 15,750,000 new MetalNRG Ordinary Shares together with 15,750,000 replacement warrants will be issued to the early exercising warrant holders.

    Director Options Exercise

    The Company has also been notified by director, Gervaise Heddle, of the exercise of 3,000,000 options at 0.5p per share for a consideration of £15,000 which were granted on the 20th March 2017. Pursuant to the terms of his Option Agreement, following the exercise of his options, Gervaise Heddle is entitled to receive 3,000,000 new options which are exercisable at 0.75p per share up to 20th March 2020.

    Issue of Equity

    In total, 18,750,000 new MetalNRG Ordinary Shares are to be issued and are expected to be admitted to trading on NEX Exchange Growth Market on or around 8th June 2018.

    Total Voting Rights


    For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), following completion of the issue of the new MetalNRG Ordinary Shares referred to above, the issued ordinary share capital of MetalNRG will consist of 165,076,404 ordinary shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, MetalNRG under the DTRs.

    Business Update, Pilbara, Western Australia,

    The company confirms it has received official notification from Western Australian Department of Mines, Industry Regulation and Safety that the ballot for licence E46/1170 in West Australia has taken place and MetalNRG is second in line on the basis of the ballot results.

    Unless the first in line holder drops out of the process which is considered highly unlikely, the Company will not therefore proceed to a granted licence for this application.

    The Company however retains granted licence E46/1167 in the Pilbara region and is currently planning the first stage work programme on this licence ground, together with our partners.

    New Business Opportunities

    The Company has examined many new opportunities during recent months, with a view to its own project level investment or to assist project owners to secure new listings for their opportunities.

    During this process the Company has identified a number of opportunities that may be suitable for outright acquisition and use as a central core asset to secure the Company’s listing on the Standard List of the London Stock Exchange.

    One such opportunity, is in advanced review and there is a reasonable likelihood we will be proceeding to acquisition, subject to final due diligence review.

    Further details will be provided at the first opportunity and for the sake of clarity shareholders and investors should note that until an announcement has been made to the market confirming transaction details there is no certainty that a transaction will proceed to completion.

    Rolf Gerritsen Chief Executive Officer of MetalNRG Plc commented: “The Company is delighted with the support received via the early exercise of warrants by existing shareholders, showing ongoing support for the Company and its plans going forward.

    With the cash at bank and tradable investments held, the Company is in a robust financial position to move forward proactively.

    This is undoubtedly an exciting phase for the Company and notably we see a shift to the Main Market with tremendous improvement in trades liquidity that it can provide, as a major step forward.

    We were disappointed to not win the ballot in respect of the E46/1170 application; however, given the areas we have been advancing recently, we consider this to be not material in the context of our wider plans.

    We hope to provide a number of further updates to the market in the near term articulating our plans and specific actioned items.”

    Link to directors' holdings:
    https://www.investegate.co.uk/metal...r-options-exercise--u---/20180601125817P54B1/
     
    Last edited: Jun 26, 2018
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  11. Inspiration

    Inspiration Moderator Moderator

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    25th July 2018

    MetalNRG PLC
    (The "Company" or "MetalNRG")

    ACQUISITION OF GOLD RIDGE PROJECT

    MetalNRG PLC (NEX:MNRG), the natural resource investing company quoted on the
    NEX Exchange Growth Market in London announces that it has signed a sales and
    purchase agreement for the acquisition of the Gold Ridge Project in Arizona,
    U.S.A, which includes three historically producing gold mines, from Winston
    Gold Corporation ("Winston Gold" CSE:WGC).

    Highlights:

    * MetalNRG has agreed to acquire all the interests of Winston Gold in the
    project known as Gold Ridge Project ("Gold Ridge" or the "Project"),
    located in the Dos Cabezas Mining District, Cochise County, south-eastern
    Arizona, United States of America;

    * Project consists approximately 2,305 acres (9.3km2) of tenement including
    343 acres of patented mining claims, 112 company-owned un-patented mining
    claims; and 12 leased un-patented mining claims;

    * The interests acquired include three historical producing gold mines; Gold
    Prince mine; Gold Ridge mine and Dives mine; each was worked over various
    intervals between discovery in 1877 and 1996;

    * Project has a NI43-101 compliant Technical Report dated 30 December 2016;

    * Lack of modern exploration coverage and existence of at least three high
    grade gold deposits within the Project's 5.2km of shear zone strike,
    results in strong potential for the discovery of further gold
    mineralisation and for establishing compliant Resources.

    * MetalNRG has agreed to acquire 100% of Gold Ridge for a total
    consideration, in cash and shares, of US$700,000 (GBP GBP529,942).Further
    details of the consideration are set out below.

    * Arizona is a mining friendly jurisdiction with an established permitting
    framework. Fraser Institute 2017 Investment Attractiveness Index ranked
    Arizona 2ndby US State (after Nevada) and 9th/ 91 globally.

    Rolf Gerritsen Chief Executive Officer of MetalNRG PLC commented:

    "I am delighted to announce this transaction which will be the Company's
    first major acquisition. The acquisition of Gold Ridge in Arizona comes at
    a time when there is an increasing interest in gold production
    opportunities and when Arizona mining in general is drawing particular
    interest after South32's recent bid to acquire Arizona Mining for
    US$1.3billion.

    With the Gold Ridge transaction we acquire significant acreage, a range of
    mining claims and three former producing mines in one package and we look
    forward to developing the Project and looking at the opportunity to bring
    the mines back into production.

    Alongside this acquisition, MetalNRG is examining other opportunities in
    the same geographic area and further acquisitions may be considered in due
    course.

    I expect further updates will be released to the market in the near term on
    the advancement of Gold Ridge and any further acquisition opportunities
    that we may wish to pursue."

    Further Information - Gold Ridge Acquisition Terms

    Having signed the sales & purchase agreement, MetalNRG will now carry out
    further due diligence on the Project which will need to be completed before
    30 October 2018.

    * The total consideration for the acquisition of Gold Ridge is US$700,000
    (GBP GBP529,942) comprising

    * Initial consideration of US$50,000 has been paid to Winston Gold, a second
    payment of US$ 150,000 will be paid in the coming days as a result of the
    Company having signed the sales & purchase agreement.

    * The balance of the consideration will be paid to Winston Gold no later than
    30 October 2018, as follows:

    * US$500,000 will be paid in new MNRG ordinary shares which will be issued at
    a fixed price of 1.75p per share.

    Further Information - Gold Ridge Project

    * Located in Dos Cabezas Mining District, SE Arizona, centred at 32°12'00" N
    109°35'24" W.

    * Consists of approximately 2,305 acres, including; 77.82 acres of private
    property; 343 acres of patented mining claims, 112 company-owned unpatented
    mining claims plus; and 12 leased unpatented mining claims.

    * Project includes three, relatively shallow, historical gold mines; Gold
    Prince mine; Gold Ridge mine and Dives mine which were worked over various
    intervals between discovery in 1877 and 1996 (including mining by Phelps
    Dodge and Queenstake at Gold Prince Mine).

    * Sinuous, braided veins occur on the surface over a strike length of at
    least 1.8 km, projecting downward to the three historic mines.

    * Geologically located within the Dos Cabezas District which is interpreted
    to be a large, late Cretaceous to early Tertiary plutonic-volcanic centre
    constructed on deformed and intruded Precambrian, Palaeozoic and Cretaceous
    metavolcanics and metasedimentary rocks. These rocks were subsequently cut
    by the Apache Pass fault, a circa 32km long vertical shear zone that is
    thought to control the location of high-grade gold vein systems including
    those seen within the Gold Ridge Project.

    * According to the NI43-101 compliant Technical Report on the Project (30
    December 2016): "The high-grade gold-bearing vein system at the Gold Prince
    mine is part of a 5 km vein swarm that includes both barren and mineralised
    veins. Within the explored part of the property, there can be as many as
    three anastomosing veins from 1 m to 30 m apart.

    * At Golden Prince mine, quartz lenses up to 2m wide occur within a 150m to
    300m wide shear zone associated with the Apache Pass Fault. The vein, and
    in places veins, have been mined over a vertical distance of more than 180m
    with the mineralogy and grade reportedly unchanged over this vertical
    interval.

    * Based on historical mining records, the Gold Prince mine contains gold in
    disseminated sulphide in wall rock, in early carbonate-quartz veins and in
    the quartz veins. All are hosted by the Cretaceous Bisbee Group shales and
    quartzites.

    * Between 1932 and 1996, 22,000 ounces of gold were produced down to the 6
    level at Gold Prince mine, with grades averaging circa 11g/t.

    * Majority of 447 previous drill holes within the Project were focussed on
    ore block definition within the Gold Prince mine. Since closure only 11
    diamond drill holes have been drilled, as part of a surface exploration
    campaign during 2009-10 by Golden Fame USA Inc.

    * Exploration potential for the depth and strike extension of existing gold
    mineralisation and the delineation of compliant Mineral Resources at the
    Gold Prince mine and other historical mines, is considered strong.

    * Given the lack of systematic modern exploration coverage the potential for
    discovery of additional gold mineralisation over the 5.2km long strike of
    Apache Fault shear zone within the Project, is considered to be excellent.

    * The Company has provided additional information on the project, including
    maps and photographs on its web site and can be accessed by going to
    www.metalnrg.com

    The Directors of the Company accept responsibility for the contents of this
    announcement.

    This announcement contains inside information for the purposes of Article 7
    of EU Regulation 596/2014.

    The technical information contained in this disclosure has been read and
    approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who is a qualified
    geologist who acts as Competent Person. Mr O'Reilly is a Principal
    consultant working for Mining Analyst Consulting Ltd which has been
    retained by MetalNRG PLC to provide technical support.
     
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  12. Inspiration

    Inspiration Moderator Moderator

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    MetalNRG Plc (MNRG)
    Wednesday 27 March, 2019


    MetalNRG Plc
    Uranium Project Option Agreement Update
    THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

    This announcement is for information purposes only and is not a prospectus and not an offer of securities for sale in any jurisdiction, including in the United States, Australia, Canada, Japan and South Africa.


    27 March 2019

    MetalNRG plc

    (The "Company" or “MetalNRG”)

    Option Agreement update on Uranium Project and Notification of proposed admission to the Official List and cancellation of trading on the NEX Exchange Growth Market

    MetalNRG plc (NEX:MNRG) today announces that it has replaced the terms of the option agreement (the “Original Option Agreement”) announced on 16 August 2018, and the amendment to the Original Option Agreement (the “Amended Option Agreement” and, together with the Original Option Agreement, the “Option Agreement”) announced on 24 January 2019 with International Mining Company Invest Inc ("IMC"), in relation to the Kamushanovskoye uranium deposit in Kyrgyzstan (the “Uranium Project”) with the terms set out herein.

    The Option Agreement has been replaced with a farm-in agreement (the “Farm-in Agreement”), the terms of which are outlined below.

    The Farm-in Agreement enables MetalNRG to fund access to additional licence areas within the Uranium Project, which is intended to increase the overall resources of the Uranium Project, reduce the immediate payment required to secure 51% of the Uranium Project (as contemplated under the Option Agreement) and defer certain payments to ensure appropriate funding is in place for the further design and development of the Uranium Project.

    Under the Option Agreement, MetalNRG has already paid US$160,650 to IMC in connection with the Uranium Project (the “Initial Payment”). These funds have been used to ensure successful conversion of the exploration licence into a mining licence. The Farm-in Agreement requires MetalNRG to transfer US$400,000 to IMC on or around 10 April 2019 (the “Second Payment”). The Second Payment shall represent an entitlement to an economic interest of 51% in the assets and operations being the subject of the mining licence held by IMC over the Uranium Project.

    In order to maintain entitlement to the 51% economic interest, MetalNRG has committed to pay IMC a further US$1,989,350 over 18 months, with all such funds going towards an agreed work and development programme at the Uranium Project.

    The Farm-in-Agreement calls for the US$1,989,350 to be paid as follows:

    • US$663,117 shall be payable in November 2019,
    • US$663,117 shall be payable in April 2020; and
    • US$663,117 shall be payable in October 2020.
    MetalNRG has a right of first refusal over any offer that IMC may make to any third party investors to obtain additional project finance in relation to the Uranium Project. If MetalNRG elects to provide funding equal to the amount of any project finance offer from a third party, upon such funds being received by IMC, MetalNRG and IMC shall commit to increase MetalNRG’s economic interest in the Uranium Project by way of further agreement at a date to be agreed between the parties.

    If MetalNRG cannot satisfy any of the above-mentioned payments, the right of first refusal shall not apply. Following any default on any payment to IMC by MetalNRG, IMC shall have the right, subject to approval by MetalNRG, to enter into project finance arrangements with third party investors in relation to the Uranium Project, and MetalNRG and IMC shall commit to re-distributing the economic entitlement over the Uranium Project (by reference to the then-prevailing market value of the Uranium Project) by way of further agreement accordingly at a date to be agreed between the parties.

    In addition, MetalNRG is in the process of applying for admission to listing of its ordinary shares of nominal value 0.01 pence each (the “Ordinary Shares”) on the standard listing segment of the official list (the “Official List”) of the Financial Conduct Authority and admission to trading on the main market for listed securities of London Stock Exchange plc (together, “Admission”).

    The Second Payment is conditional on the proposed capital raise by MetalNRG in connection with Admission.

    Pursuant to Rule 81 of the NEX Exchange Growth Market Rules for Issuers, MetalNRG is not required to release a circular to its shareholders to obtain shareholder approval as it has made an application for the admission of the Ordinary Shares to the Official List. MetalNRG has given notice to NEX of its withdrawal.

    Rolf Gerritsen, CEO of MetalNRG, commented "The Farm-in Agreement enables us to reduce our initial cash outlay, increase the money that goes towards the development of the Uranium Project and progressing it towards production, while increasing our exposure to additional licence areas. Moreover, our proposed admission to the Official List and main market is intended to simultaneously raise the global profile of MetalNRG, increase its trading liquidity and provide the Company with a larger range of potential investors. I look forward to updating the market on our progress as we add value and move towards production with this exciting project and the proposed move to the Official List."

    The directors of the Company accept responsibility for the contents of this announcement.

    For further information, please contact:

    MetalNRG PLC
    Rolf Gerritsen (Chief Executive Officer)
    +44 (0) 20 7796 9060
    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







     

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