MetalNRG plc sells its 10.97% stake in Italia MDC

LONDON: MetalNRG plc (LON:MNRG), the natural resources and energy investment company, has sold its 10.97% stake in EQTEC Italia MDC Srl, the company operating a waste to energy plant in Tuscany, to the provider of an unsecured facility agreement entered into by the Company in July 2020. 

As previously announced, following the Company’s strategic review the holding in Italia MDC was considered non-core and the Company has been exploring the most appropriate way to exit from this investment.

The Facility Agreement has provided the Company with gross funding of £580,000 to date, with £316,313 owed by the Company, including accrued interest, under the Facility Agreement.  The provider of the Facility Agreement has entered into agreement with the Company to acquire the Company’s stake in Italia MDC for an amount equal to the outstanding balance under the Facility Agreement and the Facility Agreement has been cancelled.  The Company’s last published book valuation of Italia MDC, as at 31 December 2023, was £605,280.

Rolf Gerritsen, Executive Director of MetalNRG, commented: “As we have previously indicated, the holding Italia MDC was considered non-core as MetalNRG concentrates its growth and value creation efforts on the mining sector.  We are therefore pleased to have secured this sale and at the same time extinguished a liability from the Company’s balance sheet.  We continue to progress a number of exciting potential reverse takeover targets for the Company and I look forward to providing updates as soon as appropriate.”

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