Subscription to raise £246,341
08/05/2024 07:00
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RNS Number : 4987N MetalNRG PLC 08 May 2024
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8 May 2024
MetalNRG plc
(the "Company" or "MetalNRG")
Subscription to raise £246,341
MetalNRG plc (LON:MNRG), the natural resources and energy investment company,
announces that it has undertaken a subscription for 246,340,853 new ordinary
shares of 0.01p each ("Ordinary Shares") in the capital of the Company (the
"Shares") at a price of 0.1 pence per share (the "Subscription Price") raising
£246,341 before expenses for the Company (the "Subscription").
The Subscription Price represents a premium of approximately 60 per cent. to
the closing mid-market price of 0.0625 pence of an Ordinary Share on 7 May
2024, being the latest practicable date prior to the publication of this
announcement. When issued, the Shares will represent approximately 16.66 per
cent of the enlarged share capital of the Company and will rank pari passu
with the existing Ordinary Shares. The Subscription is only conditional on
Admission, as defined below, and was undertaken using the Company's existing
share issuance authorities on a non-pre-emptive basis.
In addition, each Share issued pursuant to the Subscription will be issued
with two warrants attached, one of which will be issued on a one-to-one basis
exercisable at the Subscription Price and a further warrant attached on a
one-to-one basis exercisable at 0.15p (together the "Warrants"). The
Warrants are exercisable at any time from Admission until 15 November 2026.
Background to and reasons for the Subscription
As stated in the Company's annual results for the year ended 31 December 2023,
announced on 30 April 2024, initially MetalNRG are concentrating primarily on
copper projects to reposition the Company, along with a number of gold
projects. MetalNRG are focused on commodities which face high demand due to
global macroeconomic, energy transition, and technology trends. The
Company's executive team has reviewed more than 100 projects globally and has
now reduced this extensive list to a short-list of around ten projects which
MetalNRG are progressing. These projects include a number of potential
reverse takeover targets which are being progressed, including one Copper
project that the Company are in advanced discussions to secure. The net
proceeds of the Subscription will therefore be used by the Company to further
advance these potential acquisitions, including due diligence and advisory
costs, and for general corporate purposes leading up to and including the
commencement of any proposed reverse takeover transaction.
Admission and Total Voting Rights
Application will be made for the 246,340,853 Shares to be admitted to trading
on the Main Market of the London Stock Exchange and to listing in the Standard
Segment of the FCA Official List ("Admission"). It is expected that the
issue of the 246,340,853 Shares will take place, Admission will become
effective and that dealings in the Shares on the Main Market of the London
Stock Exchange will commence on or around 9 May 2024.
On Admission, the Company will have 1,478,045,122 Ordinary Shares in issue,
each with one voting right. There are no shares held in treasury. Therefore,
the Company's total number of Ordinary Shares and voting rights will be
1,478,045,122 and this figure may be used by shareholders from Admission as
the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency Rules.
For further information, please contact:
MetalNRG PLC
Rolf Gerritsen +44 (0) 207 796 9060
Chris Chadwick +44 (0) 207 796 9060
Hannam & Partners - Financial Adviser
Andrew Chubb +44 (0) 207 907 8500
Peterhouse Capital Limited - Joint Broker
Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey + 44 (0) 207 469 0930
S I Capital Limited - Joint Broker
Nick Emerson +44 (0) 1483 413500
IFC Advisory Limited - Financial PR and IR
Tim Metcalfe +44 (0) 203 934 6630
Florence Chandler +44 (0) 203 934 6630
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