18th Feb 2019 13:56
LONDON (Alliance News) - Metals Exploration PLC on Monday said it has secured a repayment extension to its Runruno project loan agreement.
The company, which is developing the Runruno gold and precious metals project in Philippines, said unit FCF Minerals Corp has agreed the conditional reschedule of the outstanding USD63.3 million loan with HSBC Ltd and BNP Paribas.
Under the amended agreement, the final repayment date of the loan has been extended to December 31, 2020 and the backstop date for completion of the Runruno project is June 30. A revised loan repayment schedule has been agreed between the company and its lenders.
Shares in Metals Exploration were trading 3.0% higher at 1.03 pence each.
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