Zak Mir talks to Chris Chadwick, CEO of MetalNRG, the natural resources company, provided an update regarding the progress of its agreement to acquire the entire issued share capital of Compagnie Minière de l’Oumejrane S.A. from Managem S.A. as announced on 17 October 2024.
They discuss how the $25m funding gap has been closed via bridging finance, the likely effect of the rising copper price, and operational efficiencies to be made at MNRG’s newly acquired producing mine in Morocco.
Highlights
· The Company, working closely with Managem, is making significant positive progress towards the completion of the Acquisition, with a number of conditions precedent cleared.
· A term sheet has been entered into with a strategic investor to provide, by way of an equity subscription, subject to customary conditions precedent, the remaining US$5 million of the initial US$30 million consideration for the Acquisition (the “Subscription Term Sheet”). As announced on 17 October 2024, a fund managed by Orion Resource Partners (“Orion”) is providing a US$25 million convertible loan note to MetalNRG to enable completion of the Acquisition.
· A Competent Person’s Report (the “CPR”) has been prepared by Mining Plus Pty Ltd (“Mining Plus”) for the Company on the Oumejrane copper mine owned by CMO (the “Oumejrane Mine”). An executive summary of the CPR (the “Executive Summary”) is available to view, subject to investor affirmation of customary disclaimers, on the Company’s website at:
https://www.metalnrg.com/investors/shareholder-documents
They discuss how the $25m funding gap has been closed via bridging finance, the likely effect of the rising copper price, and operational efficiencies to be made at MNRG’s newly acquired producing mine in Morocco.
Highlights
· The Company, working closely with Managem, is making significant positive progress towards the completion of the Acquisition, with a number of conditions precedent cleared.
· A term sheet has been entered into with a strategic investor to provide, by way of an equity subscription, subject to customary conditions precedent, the remaining US$5 million of the initial US$30 million consideration for the Acquisition (the “Subscription Term Sheet”). As announced on 17 October 2024, a fund managed by Orion Resource Partners (“Orion”) is providing a US$25 million convertible loan note to MetalNRG to enable completion of the Acquisition.
· A Competent Person’s Report (the “CPR”) has been prepared by Mining Plus Pty Ltd (“Mining Plus”) for the Company on the Oumejrane copper mine owned by CMO (the “Oumejrane Mine”). An executive summary of the CPR (the “Executive Summary”) is available to view, subject to investor affirmation of customary disclaimers, on the Company’s website at:
https://www.metalnrg.com/investors/shareholder-documents
Listen On
Also Listen
-
Zak Mir talks to Charles Dickson, CEO of Roadside Real Estate
We spoke with Charles Dixon, CEO of Roadside Real Estate, to unpack the company' -
Zak Mir Speaks with Fiinu CEO Dr. Marko Sjoblom on New Strategic Partnership
Zak Mir caught up with Dr. Marko Sjoblom, Chief Executive Officer of Fiinu Plc, -
Tim McCarthy, Chief Executive Officer of ImmuPharma PLC talks to Zak Mir
Zak Mir talks to Tim McCarthy, CEO of Immupharma, the speciality biopharmaceutic -
Zak Mir talks to Ippolito Cattaneo, Chief Executive Officer of Ajax Resources Plc
Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, in the wake of this w