Metals Exploration to tap mezzanine debt to repay shareholders, creditors

Metals Exploration has completed the documentation for a $21m mezzanine debt facility which will be used to repay some of its outstanding loans.

Following completion, the funds would be drawn down to repay two short-term loans from its shareholders, the company said.

The natural resources exploration and development company with assets in the Pacific Rim region also said part of the money would be used to make a capital and interest payment to the group's senior lenders, on Monday.

As of 1520 BST, shares of Metals Exploration were unchanged at 3.62p.