29th Aug 2018 12:34
LONDON (Alliance News) - Metals Exploration PLC shares fell Wednesday as it said it will not meet to amended deadline for capital payments on its debt on Friday.
Metals Exploration was trading 25% lower on Wednesday at 1.50 pence per share.
At the end of July, Metals Exploration said lenders HSBC Corp Ltd and BNP Paribas SA agreed to defer the date to Friday, with the original payment date for the USD20.3 million owed being last December's end, March-end, and June-end.
However, Metals Exploration will not make these payments by Friday, and it has applied for a further waiver. However, it will meet interest payments of USD430,000 on Thursday.
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