MetalNRG PLC Strategic Business Review Update (9143N)
28 9월 2023 - 3:00PM
UK Regulatory
TIDMMNRG
RNS Number : 9143N
MetalNRG PLC
28 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.
28 September 2023
MetalNRG plc
(the "Company" or "MetalNRG")
Strategic Business Review Update
MetalNRG plc (LON:MNRG), the natural resources and energy
investment company, is pleased to announce the completion of its
strategic business review which it announced on 4 September2023.
With the Board's support behind the review, MetalNRG now moves into
implementation.
The Company's executive team is anticipating a potential
bull-market cycle in the metals & mining sector and MetalNRG is
eager to position itself to benefit from the predicted uptick. The
Board has confirmed its decision to concentrate growth and value
creation efforts on the mining sector.
MetalNRG is driven to build a global natural resources business,
delivering industry leading returns and sustainable dividends to
shareholders.
The Company will create shareholder value through indirect and
direct investments targeting outright acquisitions, and majority or
minority interests, in three types of projects:
1. Late-stage development projects, that will be in production
within 12 to 18 months and offer additional upside
post-production
2. Projects that are currently in production and offer
substantial exploration and development upside
3. Projects that offer blue sky growth opportunities that could
become company-making mines of the future.
MetalNRG will concentrate on gold and copper projects, alongside
other precious and strategic metals, which face high demand due to
global macroeconomic, energy transition, and technology trends. The
Company's Executive team has reviewed more than 100 projects
globally and has now reduced this extensive list to a short-list of
around 10 projects which MetalNRG plans to progress. These projects
include a number of potential reverse takeover targets which are
being evaluated.
To support our strategic intent and provide the Company with
access to two of the most important markets in natural resources,
MetalNRG has appointed Oak Hill Financial Inc in Canada to assess
the option of dual listing MetalNRG on the Toronto Stock
Exchange.
Since its beginnings in 2014, Oak Hill Financial has
consistently anticipated and responded to the changing needs of
Canadian markets. Through their history of asset management
distribution, corporate advisory, and investor relations, they have
provided asset managers and companies with a comprehensive and
innovative selection of services.
The strategic review recognised the value of a main board London
Stock Exchange listing. More importantly, the Board believes that
the Company is currently undervalued and that existing shareholders
will be protected when a reverse takeover is implemented. In fact
the Board anticipates current shareholders to be offered a premium
to current share price upon RTO.
As a result of the Company's strategic review, our partnership
with EQTEC and our investment in EQTEC Italia is considered
non-core and the Company will be seeking the most suitable exit
from this investment and we will inform the market of our progress
on this. The Company's Gold Ridge project is currently under review
as we await the final results from the Geo Sampling to be completed
before the summer. These results, which should be delivered by
Mid-October, will form the basis of our decision on Gold Ridge.
Rolf Gerritsen commented: "Working with Chris Chadwick and the
Executive team has been extremely exciting and I am now looking
forward to driving the implementation plan forward. I am working to
secure the Company's future, deliver value to existing and future
shareholders and build a strong sustainable business".
Chris Chadwick commented: "This update demonstrates the progress
made by the combined team since we joined Rolf and the MetalNRG
Board. We believe we have a strong value proposition that could be
strongly enhanced with a potential dual listed structure. We are
now entering the next phase where we will focus on executing the
new strategy."
Ends -
For further information, please contact:
MetalNRG PLC:
Rolf Gerritsen +44 (0) 20 3709 8740
-------------------------
Chris Chadwick +44 (0) 20 3709 8740
-------------------------
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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END
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