Metals Exploration PLC seeks shares waiver

(MENAFN- ProactiveInvestors - UK) Gold mine developer Metals Exploration (LON:MTL) has called a general meeting to give it the power to raise equity funds quickly.

Damage from typhoon Lando and delays to permits for its Runruno mine in the Philippines have pushed gold production months behind schedule.

As a result Metals Ex won't meet the debt repayment timetable for Runruno and talks have started with banks HSBC and BNP Paribas over a restructuring of its loans.

However there is no still definite timeline from the Mines & Geosciences Bureau in the Philippines over a restart of operation at the mine and Metal Ex wants shareholder permission to be able raise money from new shares on a non-preemptive basis if needs be.

The general meeting will take place on 22 April at the registered office in London.