Metals Exploration gets another month on its debt standstill agreement

Metals Exploration confirmed on Friday that its lenders, HSBC and BNP Paribas, along with its major shareholders MTL Luxembourg and Runruno Holdings, as holders of its mezzanine debt, had renewed their standstill agreement for a further month until 31 May.

The AIM-traded firm said that under the agreement, it was relieved of making both principal and interest payments due in relation to its Runruno facility agreement and the mezzanine debt facilities.

“The purpose of the standstill agreement is to allow the company and all its lenders time to evaluate, and consider possible solutions to, Metals Exploration's current financial position,” the board said in its statement.

It said a further announcement would be made “in due course”.