StockMarketWire.com - Mining group Metals Exploration said it had suspended its shares from trading after it defaulted on loan repayments.

The company had recently sold a senior borrowing facility to new lenders, but had been unable to reach agreement on the continuation of a standstill agreement.

'The company is seeking confirmation of the implications of the standstill agreement not continuing,' it said.

The current amount owing under the senior facility was about $69.0m.

A further $59.6 was also owed under mezzanine debt facilities.

'The company confirms that it does not have sufficient liquidity to fully repay either of the senior facility or the mezzanine debt facilities on their current terms,' Metals Exploration said.


At 9:41am: [LON:MTL] Metals Exploration PLC share price was 0p at 0.73p



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