REG - Minoan Group PLC - Reduction of Liabilities and Financing Update

MinoanAnnouncement

01/11/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241101:nRSA5062Ka&default-theme=true

RNS Number : 5062K  Minoan Group PLC  01 November 2024

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

1 November 2024

Minoan Group Plc

("Minoan" or the "Company")

Reduction of Liabilities and Financing Update

 

Reduction of Liabilities

On 2 October 2024, the Company announced that agreement had been reached to
exchange certain outstanding loans to the Company into new convertible loans.

 

In addition, and in order to strengthen further the balance sheet, the Company
announces that it now intends to further reduce its liabilities by the
conversion (the "Conversion") of some of its balance sheet creditors
("Creditors") into equity. Minoan is pleased to advise that it intends to
issue up to 78,000,000 ordinary shares of 1p each in the Company ("Ordinary
Shares") to settle certain balance sheet liabilities totalling in excess of
£1,300,000. Certain Directors of the Company and of Loyalward Limited intend
to participate in this proposed Conversion and a further announcement will be
made in due course.

 

 

Financing Update

As announced on 30 April 2024, the finalisation of the updated Contract on the
Company's project at Cavo Sidero (the "Project") will enhance significantly
Minoan's ability to accelerate numerous financial and commercial arrangements
already in progress as well as to enter into new arrangements. It has been the
Company's priority since this announcement to seek to access new equity and
debt funding sufficient to allow Minoan to meet its expected Project funding
commitments without the traditional recourse to frequent short-term equity
placings.

 

The Company is pleased to report that it is now in advanced discussions with a
strategic partner to provide significant new funding into the Company. Whilst
there can be no certainty on the timing or terms of any such fundraising,
nor can there be any certainty that a fundraising will be completed
successfully, both Minoan and the proposed investor have agreed that should
such a fundraising go-ahead, completion will not require a change to the
Company's current 1p per Ordinary Share par value.

 

 

For further information visit www.minoangroup.com or contact:

Minoan Group
Plc
                mail@minoangroup.com

 

Zeus
 
020 3829 5000

Antonio Bossi / Andrew Andrade
 
 

 

Peterhouse Capital Limited
 
020 7469 0930

Duncan Vasey
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEQKDBBKBDBNKN