Metals Exploration plc has issued 94,127,854 ordinary shares each of £0.0001 held in treasury to satisfy the outstanding £5,647,671.23 unsecured bridging term loan facility, plus interest, with Drachs Investments No3 Ltd.
DEBT-FREE
The issue price of £0.06 per ordinary share, represents a premium of 9.1% to the middle-market close price on 6 March 2025.
Drachs now holds 429,659,997 ordinary shares, representing 16.12% of the company’s total voting rights.
Metals has 2,965,438,788 ordinary shares in issue, of which 299,385,458 ordinary shares are held in treasury.
The total number of voting rights is 2,666,065,330.
Metals said that following the repayment it was now debt free and could retain cash for its Nicaragua and Philippine gold assets.
Chief executive Darren Bowden added: “The provision of an unsecured bridging facility at short notice last November was a key element in enabling the company to secure the Condor Gold board’s support for our takeover offer.”