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MetalNRG #MNRG – Exclusive Agreement to Source Debt for Waste to Energy Projects
MetalNRG plc, (LON:MNRG), the natural resources and energy investment company, is pleased to announce that it has agreed an exclusive remit for AdviCorp PLC to source a £20 million to £40 million debt facility to be invested on a project by project basis in identified, qualified and “shovel ready” waste to energy projects in Europe.
Following MetalNRG and EQTEC plc (AIM: EQT) entering into a Business Development Partnership (as previously announced on 22 March 2021) extensive work has been completed by the partnership to secure exclusivity and develop a pre-qualified secured pipeline of waste-to-energy and waste-to-fuels projects. These projects are expected to deliver revenues within 6 to 18 months of funding. The first project is already under construction in Italy.
The focus of our pipeline development has been on identifying and securing a number of mature projects that can deliver rapid revenue generation and meet the requirements for debt investment. The partnership has developed a 2-tier pipeline of projects along the following qualifications:
Tier 1: Projects that have successfully achieved financial close, to be revenue generating by the end of 2022, with a typical investment of between £2 million to £10 million, delivering an unleveraged IRR of between 12% to 16% with all the requirements for debt financing in place.
Tier 2: Projects ready to achieve financial close and construction to start in Q2 to Q4 2022, typical investment between £5 million and £10 million per project and leading to revenue within a maximum of 18 months from funding.
AdviCorp PLC, established in London in 1997 with offices in both London and Rome, is an independent investment banking firm operating in the areas of Corporate Finance, Mergers and Acquisitions. AdviCorp works with dynamic companies looking to grow their businesses. The AdvCorp team has decades of international experience in multiple financial products and markets, earned in prior executive roles in international investment banks and corporations.
AdviCorp PLC is authorised and regulated by the Financial Conduct Authority.
MetalNRG and AdviCorp have entered into an exclusive agreement that will see AdviCorp advise on securing a debt facility to be drawn down on a project by project basis.
Rolf Gerritsen commented “The agreement with AdviCorp strengthens the foundation to our development plan with EQTEC and our business partnership. The access to debt will enable MetalNRG to further develop a wider portfolio of waste to energy projects that will give us substantial flexibility.
I am delighted that AdviCorp has agreed to work with us as its reputation for delivery is outstanding. I very much look forward to supplying the market with additional information as we progress this extremely exciting project.”
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Contact details:
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MetalNRG PLC Rolf Gerritsen |
+44 (0) 20 7796 9060 |
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Corporate Broker |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500 |
MetalNRG #MNRG – Update on Company’s EQTEC Italia Investment & Issue of Convertible Loan Notes
Following the trading update released to market by EQTEC plc (AIM: EQT) on 1 February 2022, the Company is pleased to provide an update on progress made at its investment project in Italy.
In October, EQTEC’s work with partners on the recommissioning of EQTEC Italia MDC SRL in Tuscany, Italy (“Italia MDC”) progressed with the site fully cleaned and relevant components disassembled and cleared.
In December, EQTEC Italia ordered core technology components and all deliveries were made on schedule. The 1MWe plant will convert multiple types of biomass feedstock into heat, power and/or fuel for local businesses and residents.
Once operational, Italia MDC is expected to generate annual plant revenues of c. 2,000,000, with plant EBITDA of c. 750,000.
The Company currently owns 26.6% of Italia MDC. In January 2022, Company Directors visited the site with fellow shareholders and reviewed progress with local construction partner COS.M.I. SRL.
The meeting also addressed the potential for further commercial opportunities for the plant, including production of high-quality biochar and construction of additional infrastructure to accommodate higher-margin feedstock and further offtake alternatives.
EQTEC is undertaking feasibility assessments now and expects to complete them in Q1 2022.
MetalNRG Chief Executive, Rolf Gerritsen, commented “Good progress is being made toward recommissioning the Italia MDC plant in 2022 and we look forward to our ongoing working relationship with EQTEC. The partnership is a solid development opportunity and investment, allowing us to support the social, environmental and economic improvements that a sustainable approach to waste-to-energy can have.”
Separately, MetalNRG (LON:MNRG) today announces that it has agreed to issue up to £200,000 of Convertible Loan Notes (“CLN”) to Global Investment Strategy UK Limited (“GIS”).
The CLN carry the following conditions; the CLN are fixed rate, unsecured loan notes carrying a simple, non-compounding interest rate of 10% per annum (accruing on a daily basis).
The CLN are repayable, if not previously converted, on the applicable maturity date. The maturity date will be , either:
(a) the date falling 6 months after the date of execution of the CLN instrument or
(b) the date of the first material equity fund raising by the Company following the date of execution of the CLN instrument.
Holders of the CLN may convert the principal and interest into new ordinary shares in the capital of MetalNRG (“New Shares”) at a price equal to a 20% discount to the average price at which New Shares are issued by MetalNRG.
The CLN instrument contains customary events of default and should an event of default occur, the conversion price will be equal to the nominal value of MetalNRG ordinary shares.
Conversion of the CLN is subject to the Company maintaining sufficient headroom within the Company’s share authorities or, if required, the Company filing a secondary prospectus which will enable the admission to listing and trading of the further New Shares to be issued on conversion.
A copy of the CLN Instrument will be posted on the Company’s web site.
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Contact details:
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MetalNRG PLC Christopher Latilla-Campbell
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Corporate Broker Duncan Vasey |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500
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MetalNRG #MNRG – GoldRidge Gold Project Update
MetalNRG plc, (LON:MNRG), the natural resources and energy investment company, provides an update on progress made at its 100% owned GoldRidge Gold Project in Arizona following our announcement made on 19th May 2021 in which it explained that an initial programme of data compilation was essential to recover and assimilate the substantial number of maps and quantity of digital and paper files into a useable archive. This work has now been completed within budget and the timeframes set.
Following the completion of the Company’s Competent Persons Report updated by SRK USA, in May 2021, MetalNRG set out to further develop the GoldRidge property. The CPR pointed to larger than previously known opportunities at the project and specifically SRK believe that:
– Turn-key prospects to develop vein-hosted mineral resources from drilling are available
– That the project offers great opportunities to discover satellite gold deposits worth pursuing as the exploration is low cost
In June 2021, the Company’s Geologist, Bart Stryhas, Senior Geologist, PhD CPG, based in the USA and leading the project, set out to:
– Review all claims and ensure all property claims were up to date
– Consolidate all available historical information on the property into a detailed data room
– From the consolidation of the information, the Company developed detailed topography covering all claim areas in UTM NAD 83 datum
– Map underground geometries for all development and mining stopes at Gold Prince &
Dives Mines
– Integrate 446 historic Drillholes with Au and Ag analyses totaling 11km
– Locate 170 surface rock samples with Au analysis
– Compile 280 soil geochemical assays with multi elemental analysis
– Digitize all roads and trails about and internal to the claim area
– Locate claim corners
– Register several geologic maps at various scales
– A total 5,109 files have been reviewed and used as feed into our development approach
The work completed gives us a solid understanding of the history of the project, the potential it could offer and a clear pathway to add substantial value to the project. It has identified a number of areas that have shown, via our field work, that mineralisation is present but has never been explored in any detail.
Our findings have been summarised in a new GoldRidge Project presentation which can be viewed on our web site www.metalnrg.com.
Rolf Gerritsen, CEO MetalNRG Plc, commented “The GoldRidge Project appears to offer a considerable larger opportunity than previously anticipated and the work completed to date by Bart confirms that the area has been under explored and under developed with solid indicators of mineralisation throughout the property. Between now and November we will be on site and we will further validate our assumptions via detailed field work. We have the waste dumps and the remaining pillars that are available to us but going after them without a plan to capture the additional opportunities would not be right to ensure we maximise returns for our shareholders.”
For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of the Company is Rolf Gerritsen, Chief Executive Officer.
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.
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Contact details:
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MetalNRG PLC Rolf Gerritsen |
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Corporate Adviser |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500 |
MetalNRG #MNRG – BritNRG Operational Update
MetalNRG plc, (LON:MNRG), the natural resources and energy investment company, provides an operational update on BritNRG Limited (“BritNRG”) covering production and revenues, asset development and key activities over the last few months.
Production and revenues update
- BritNRG is currently producing an average of 3,500 bbls/month compared with production of less than 1,500 bbls/month averaged in Q1 2021.
- BritNRG sold 3,780 bbls in July at an average price of USD 73.88 per barrel (equivalent to USD 280,000 of gross revenue). Similar levels of sales have been achieved in August with monthly oil sales projected to exceed 4,000 bbls.
- BritNRG’s Operating Partners have agreed cost recovery of 100% of production, which will provide BritNRG with cashflow advantages.
- BritNRG now expects the revenues from the Whisby site to be in excess of USD 2.5 million per year at current forecast oil prices.
- The above achievements are the effects of the operational improvements carried out during 1H 2021. As a result, BritNRG is now profitable.
Update on development of current asset base
- Following a presentation of the outlined development plans by BritNRG to the Oil and Gas Authority, the abandonment notice on EXL-141 Newton on Trent has been postponed to June 2023, allowing time to submit a detailed development plan for formal approval.
- The abandonment notice for EXL-294 Reepham has been postponed to Q3 2022, allowing BritNRG time to develop a more detailed abandonment plan and explore viable redevelopment options (see below) to the base case site abandonment and licence relinquishment.
Key activities on current assets and new ventures
- Whisby Site improvements continue including testing and overhaul of all wellheads and other key activities in liaison with the regulatory authorities.
- BritNRG is progressing a feasibility study to repurpose the suspended well on Reepham (which watered out in 2005) and to redevelop the brownfield site which, potentially, will benefit from an existing planning application, recently approved for development, for a nearby 50-hectare green energy hub due for construction in 2022-2023.
Pierpaolo Rocco, Executive Director and CEO of BritNRG, commented “Our journey has just begun, and we are happy to continue to report solid progress on important fronts. We are taking the necessary time to develop our medium-term strategy, the benefits of which we intend to share with MetalNRG investors in Q4 2021, whilst we progress key activities related to the plan for BritNRG to be listed on the London Stock Exchange in 2022.”
Rolf Gerritsen, CEO MetalNRG Plc, commented “the encouraging news from BritNRG is confirmation of our strategy to invest in near term cash-generative projects and particularly of our decision to invest in BritNRG, we look forward to reporting on our ongoing progress”.
The release of this information was arranged by Rolf Gerritsen, Chief Executive Officer.
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED IN IT, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (“EUWA”)) (“UK MAR”).
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Contact details:
| MetalNRG PLC Christopher Latilla-Campbell |
+44 (0) 20 7796 9060 |
| Corporate Adviser PETERHOUSE CAPITAL LIMITED Lucy Williams/Duncan Vasey |
+44 (0) 20 7469 0930 |
| Corporate Broker SI CAPITAL LIMITED Nick Emerson |
+44 (0) 1483 413500 |