REG - MetalNRG PLC - Italian waste to energy plant bank loan drawdown

MetalnrgAnnouncement

16/01/2024 07:01

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RNS Number : 7599Z  MetalNRG PLC  16 January 2024

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.

 

16 January 2024

 

MetalNRG plc

(the "Company" or "MetalNRG")

Italian waste to energy plant drawdown of bank loan

 

MetalNRG plc (LON:MNRG), the natural resources and energy investment company,
is pleased to announce to the market that EQTEC Italia will now drawn down the
agreed loan facility of €2.9 million (the "Facility") to refinance its
Italian waste to energy plant, located in Gallina, near Castiglione d'Orcia,
Tuscany, Italy (the "Plant").

 

The term of the Facility is 48 months, with an annual interest rate of 2.5%
over the six-month Euro Interbank Offered Rate (Euribor), which currently
makes the interest rate c. 6.5%. It is offered by Banca del Fucino S.p.A., an
historic private banking group based in Rome (the "Lender"). The loan is
guaranteed up to 80% by MedioCredito Centrale S.p.A., which is controlled by
the Italian Ministry of Economy.

 

Release of funds through the Facility is being executed as the Plant's
achieved the targeted performance criteria set by the Lender. Italia MDC
intends to draw down the Facility imminently to support the Plant's forecast
cash flow and to fund additional performance improvements as Italia MDC
pursues further operational efficiency and commercial opportunity. Part of the
Facility may also be applied to repayment of shareholder loans that funded
performance improvements to date, including loans made by the Company.

 

The Plant became operational in March 2023 and EQTEC completed handover
protocols and transfer of plant operations to Italia MDC in June 2023.

 

Rolf Gerritsen, Executive Director of MetalNRG, commented:

 

"I am delighted with the facility draw down and congratulate the EQTEC Italia
team on a well done job."

 

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
 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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