REG - MetalNRG PLC - Company Update

MetalnrgAnnouncement

04/09/2023 07:00

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RNS Number : 2029L  MetalNRG PLC  04 September 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 4 September 2023

 

 

MetalNRG plc

(the "Company" or "MetalNRG")

 

Company update

 

 

MetalNRG plc (LON:MNRG), the natural resources and energy investment company,
is pleased to announce a strategic business review which aims to capitalize on
the Company's anticipation of a potential bull-market cycle in the metals
& mining sector.

 

While the review is set to conclude in late September, the Board confirms its
decision to concentrate growth and value creation efforts on the mining
sector. The initial focus will include gold and copper projects, alongside
other precious and strategic metals, which face high demand due to global
macroeconomic, energy transition, and technology trends.

 

As part of the ongoing review, the Company has identified a number of
potential reverse take-over targets which are being evaluated to determine the
most suitable value acceleration for the benefit of its shareholders.

 

To assist in the completion of the business review, the Company is delighted
to welcome Chris Chadwick to the Board. Chris is a highly experienced mine
operator with a demonstrated track record of success in shareholder value
creation. Chris was previously the Chief Executive Officer of Gold One
International and director of Sibanye-Stillwater, one of the world's largest
primary producers of platinum, palladium, and rhodium and a top-tier gold
producer. He is also the co-founder and CEO of African Gold Acquisition Corp.
(NYSE: AGAC), a New York Stock Exchange-listed special purpose acquisition
company, from where he will resign in due course to focus his experience and
capabilities on MetalNRG. Chris will join the MetalNRG Board with immediate
effect as Executive Director and work alongside Rolf Gerritsen (also Executive
Director) to complete the business review and determine the best way forward.

 

Furthermore, the Company announces additional strengthening of the management
team, with the appointment of Andrew Sekandi as a Risk & Compliance
officer. Andrew brings 15+ years' experience advising global mining firms on
risk, compliance, due diligence, and market entry. He has worked for global
consulting firms KPMG, Kroll, and Control Risks Group, and is a Namibian
trained (non-practising) lawyer.

The Company has secured the services of Scott Gilbert as the Head of
Operations. Scott brings 20+ years' experience as an operations, commercial
and marketing executive, with a focus on the African mining and natural
resources sector. He is currently the Financial and Commercial Operations
director of the Middelvlei gold project in South Africa. Finally, also joining
the team is Damon Chadwick in a senior project management role who will also
take over the smooth running of all, I.T., marketing and office support
functions.

 

The Company plans to complete the strategic business review by end September,
and the Company will make a further announcement on the specific direction it
will embark upon.

 

To demonstrate the commitment and confidence of the new and existing Directors
and Officers in the Company's repositioning, the Company is pleased to
announce that the Directors and Officers have participated in a £206,212
raise in the form of a Convertible Loan Note (CLN) to complete the business
review and secure its next steps. The note pays a coupon of 15% per annum and
will be either repaid or converted into shares at a 20% discount if and when
the Company chooses to raise additional funds.

 

Rolf Gerritsen commented: "This is a very exciting moment for the Company.
 We are delighted to have brought together an  exceptionally talented team
with real in-depth expertise in the mining sector, and look forward to making
some giant steps forward for our shareholders and the business".

 

Chris Chadwick commented: "I am delighted to be joining MetalNRG's board and
Rolf to help drive the next critical development stage for MetalNRG. I look
forward to working  with the executive and management teams to continue to
build on the strong foundations that we will lay during this phase, in what we
believe is a very exciting time for the mining sector. The combined team's
participation in the fund raise is testimony to our joint belief in the
repositioning and our confidence in delivering significant stakeholder value
."

 

The Directors' participation in the CLN is outlined below;

 

Christopher Latilla-Campbell      £ 25,000

 

Christian Schaffalitzky               £ 21,866.66

 

Rolf Gerritsen                           £
 6,013.34

 

Chris Chadwick
 £ 20,000

 

 

Ends -

 

 

 

For further information, please contact:

 MetalNRG PLC:
 Rolf Gerritsen              +44 (0) 207 796 9060
 Chris Chadwick              +44 (0) 207 796 9060
 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

 

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