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MetalNRG PLC (MRNG) – Result of AGM

 

At the Annual General Meeting of the Company held today, 20 June 2022 at 9.00 am the Resolutions set out in the Notice of Annual General Meeting were duly passed save for Resolutions 6 and 7 (Directors Remuneration Policy and Directors Remuneration Report) and Resolutions 9 (disapplication of pre-emption rights) and Resolution 10 (authority to call general meetings other than annual general meetings on not less than 14 days’ notice).

The results of the poll voting (including all proxy votes) will be available shortly on the Company’s website, www.metalnrg.com .

For further information, please contact:

METALNRG plc
Rolf Gerritsen (Chief Executive Officer)


+44 (0) 20 7796 9060

Corporate Adviser
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
Nick Emerson

+44 (0) 1483 413500

#MNRG MetalNRG – Legal Proceedings Update

MetalNRG plc (the “Company”)  announces that Sheriff Philip Mann has issued his judgement in the case brought by Mr Rocco (a former director of the Company) in the Scottish Sheriff’s Court in which he sought a “declarator” (effectively a court confirmation) and certain other court orders for payment against the Company, on the basis of a service agreement between the parties relating to Mr Rocco’s now-terminated employment with the Company.

Specifically, Mr Rocco sought: (1) payment of a termination payment in the sum of £50,000; (2) confirmation that indemnity provisions for legal expenses contained in the service agreement extended to cover Mr Rocco’s legal costs in the action brought by the Company in the High Court in England and Wales against him, Brit Energy Holdings LLP and BritNRG Limited on an unrestricted and unlimited basis; and (3) payment of his legal expenses in the action brought against him by the Company in the sum of £100,899.24 and continuing.

Sheriff Mann denied all of the applications made by Mr Rocco, confirming (as the Company had argued) that (1) the termination payment could only be due in circumstances in which Mr Rocco was a “good leaver”; and (2) the indemnity could not be construed to extend to allow Mr Rocco to take legal advice or recover his costs relating to his own breach of the service agreement or behaviour and that any alternative construction would also be incompatible with the general principle that a person should not be entitled to benefit from his own breach of contract.

This ruling effectively disposes of Mr Rocco’s claims in the Sheriff’s Court and the Company expects to make an application for its costs in this matter against Mr Rocco at a case management hearing scheduled for 21 June 2022.

Mr Rocco has now brought a separate claim in the Scottish Employment Tribunal for, inter alia, wrongful and unfair dismissal. The Company will vigorously defend this action when it is heard.

The Company is currently awaiting a date for the hearing of its application for summary judgment against Brit Energy Holdings LLP and BritNRG Limited in the proceeds brought by it against those entities and Mr Rocco personally. The fact that the summary judgment application does not extend to Mr Rocco is merely a technical procedural matter; if the Company obtains summary judgment against Brit Energy Holdings LLP and BritNRG Limited this will dispose of the action against two of the three defendants to that action in short order and will allow the Company to streamline the case as regards Mr Rocco personally. 

The Company will provide further updates on the application for summary judgement in due course.

END

 

Contact details:

MetalNRG plc

Rolf Gerritsen
Christopher Latilla-Campbell


+44 (0) 20 7796 9060

Corporate Broker
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
Nick Emerson

+44 (0) 1483 413500

#MNRG MetalNRG – Annual Report and Notice of AGM

MetalNRG plc (LON:MNRG), the natural resources and energy investment company, announces that, further to the announcement of final results for the year ended 31 December 2021, published on 29 April 2022, (“Final Results”), the Company’s Annual Report and Financial Statements has been published and is available on the Company’s websitewww.metalnrg.com. The Financial Statements for the year ended 31 December 2021 contained in the Annual Report contain no material changes to the Final Results.

MetalNRG’s Annual General Meeting (“AGM”) will be held at 1 Ely Place, London EC12N 6RY at 9.00 am on Monday, 20 June 2022. 

The Notice of AGM, together with the Proxy Form, has been posted to Shareholders and is also available on the Company’s website: www.metalnrg.com.  Full details of the operation and arrangements for the AGM are set out in the Notice of AGM.

Given the continued presence of Covid-19 and the rate at which the virus and new mutations can spread, shareholders should be aware that arrangements for the AGM may change at short notice.  Any relevant updates regarding the AGM will be made as early as possible before the date of the AGM via the Company’s website:  www.metalnrg.com or via a regulatory announcement.

All voting at the resolutions at the AGM will be conducted on a poll which means that shareholders should submit their Proxy Forms by email to info@metalnrg.com or by post to the Company Secretary, City Group PLC, as soon as possible.

We ask that all questions which shareholders wish to raise at the AGM be submitted to info@metalnrg.com in advance.

We additionally ask anyone wishing to attend the meeting to inform the Company Secretary by email at mail@city-group.com of their attendance so that appropriate arrangements can be made.

Pursuant to Disclosure Guidance and Transparency Rules, a copy of the Annual Report and Financial Statements for the year ended 31 December 2021 has already been submitted to the National Storage Mechanism and a copy of the AGM circular and Notice of AGM will be submitted and available shortly for inspection at:

http:/data.fca.org/#nsm/nationalstoragemechanism

The Final Results announcement is also available on the Company’s website www.metalnrg.com and by writing to the Company Secretary, City Group PLC, at 1 Ely Place, London  EC1N 6RY.

 

 

 

For further information, please contact:

 MetalNRG PLC:

Rolf Gerritsen

+44 (0) 207 796 9060

Christopher Latilla-Campbell

+44 (0) 207 796 9060

Peterhouse Capital Limited – Joint Broker:

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

+ 44 (0) 207 469 0930

S I Capital Limited – Joint Broker:

Nick Emerson

+44 (0) 1483 413500

 

#MNRG MetalNRG – Legal Proceedings Update

MetalNRG plc (“MetalNRG” or the “Company”)  announces that, in its continuing civil legal proceedings in the English High Court against Brit Energy Holdings LLP (the “LLP”), Mr Pierpaolo Rocco (“Mr Rocco”) and BritNRG Limited (the “Joint Venture Company”), it has filed and served an application for summary judgment against the LLP and the Joint Venture Company for, inter alia; (1) the striking out of the defences filed by the LLP and the Joint Venture Company; (2) a declaration that the series of agreements entered into in April 2021 should be set aside; and (3) the recovery from those defendants of monies paid to the LLP totalling £1,019,999, plus interest and costs.

The application for summary judgement has been made on grounds that no sustainable or credible defence has been pleaded in the case to date by either the LLP or the Joint Venture Company.  It is, of course, expected that the application will be defended and it will be necessary for the Court to rule on it in due course.

For technical reasons, the application for summary judgement has not been made against the second defendant, Mr Rocco. However, if successful, the application for summary judgement will significantly narrow the issues in dispute with Mr Rocco to be heard at any future trial.

It is alleged that the LLP is, and was at the time of the transactions in April 2021, owned as to at least 70% by Mr Rocco and/or a company connected with him for the purposes of section 252 Companies Act 2006.

The Company will provide further updates on the application for summary judgement in due course.

END

 

Contact details:

MetalNRG plc

Rolf Gerritsen
Christopher Latilla-Campbell


+44 (0) 20 7796 9060

Corporate Broker
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
Nick Emerson

+44 (0) 1483 413500

 

Research Talks Special Live from the UK Investor Show in London

In a research talks special streamed from the The UK Investor Show Alan Green and Mark Fairbairn discuss MetalNRG Plc #MNRG Kavango Resources PLC #KAV Technology Minerals #TM1 and the sum of the parts valuation case for Power Metal Resources #POW

#research #gold #copper #nickel #investor #RareEarth #circulareconomy #batteryrecycling #BatteryMetals #mining #exploration #mineralexploration Rolf A Gerritsen Ben Turney Brett Grist Robin Brundle Alex Stanbury Emily Steward Harry Chathli John Bick Paul Johnson Tristan Pottas Oliver Friesen

MetalNRG #MNRG – Gold Ridge – Results from Geochemical Sampling

MetalNRG plc (“MetalNRG” or the “Company”)  announces that it has completed its Phase I geochemical campaign at its Gold Ridge Gold mine property in Arizona with very encouraging results that pave a pathway to further exploration work to be focussed and planned.

Highlights:

· Soil Geochemistry has provided evidence for multiple geologic events including
the offset of Apache Pass Shear Zone (APSZ) at eastern termination of historic mining.

· This offset implies that historically mined gold mineralization is transposed northwards where no exploration drilling has occurred.

· A new linear gold anomaly has been defined in the Southern PC block which parallels the APSZ  as a multi-element geochemical anomaly.

· A new significant multi-element geochemical anomaly occurs 1km west of the Dives Mine.

· Copper anomalies in volcanic rocks show strong evidence for radial fracturing, a common feature of porphyry deposits.

· The findings of the geochemical program encourages the Company to conclude that the area may host a larger mineralization system controlling all the surface mines and showings. 

MetalNRG has completed just under 600 (Phase I) of the 1,000 geochemical samples planned. The laboratory analysis was conducted for Gold, Silver and 49 other elements by ALS Chemex. The largest gold anomalies were found in historical areas mined for gold; however, a secondary zone of gold anomalies was found in an area previously unexplored and delineates a new linear zone of gold mineralization in the Southern Precambrian block.

All sample results to date show:

· Gold above 25ppb = 14%

· Silver above 0.3ppm = 38%

· Lead above 35ppm = 47%

· Copper above 35 ppm = 40%

· Zinc above 115 ppm = 33%

Bart Stryhas, Senior Geologist on the project, commented: “These results confirm our previous beliefs, that there is indeed a real possibility of a larger un-discovered gold/base metal system at Gold Ridge; we are now working with the Board to establish the next steps.”

For more information, MetalNRG will make a PowerPoint presentation available on its website www.metalnrg.comunder the ‘Projects’ sections.

Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to theinclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.

  END

 

Contact details:

MetalNRG plc

Rolf Gerritsen
Christopher Latilla-Campbell

+44 (0) 20 7796 9060

Corporate Broker
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
Nick Emerson

+44 (0) 1483 413500

 

#MNRG MetalNRG – Update on legal proceedings

MRNG

MetalNRG plc (“MNRG” or the “Company”) takes this opportunity to announce a further update in respect of the civil legal proceedings in the English High Court (the “Court”) against Brit Energy Holdings LLP (the “LLP”), Pierpaolo Rocco and BritNRG Limited (together, the “Defendants”) for, inter alia, a declaration supporting the valid recission of certain agreements and the recovery from the Defendants of monies paid to the LLP in 2021.

On 24 February 2022, the Defendants asked for an extension to the deadline for the filing of defences until Friday, 18 March 2022. This is the maximum extension capable of being agreed between the parties to the proceedings without an application being made to the Court.

Despite MNRG agreeing to an extension to 18 March 2022, the Defendants have now sought a further extension to Tuesday, 22 March 2022, for which they will need to make an application to the Court (at their expense).

MNRG remains focused on receipt of the defences in this case and has accordingly consented to the Defendants making the application for a further extension.

The Company will provide further updates on these issues and the legal proceedings as appropriate.

 

Contact details:

MetalNRG PLC

Rolf Gerritsen
Christopher Latilla-Campbell


+44 (0) 20 7796 9060

Corporate Broker
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
Nick Emerson

+44 (0) 1483 413500

Alan Green covers #POLB Poolbeg Pharma, #NTOG Nostra Terra O&G and #MNRG MetalNRG on the Vox Market Podcast

Alan Green covers #POLB Poolbeg Pharma, #NTOG Nostra Terra O&G and #MNRG MetalNRG on the Vox Market Podcast

Listen to the podcast here

MetalNRG #MNRG – Exclusive Agreement to Source Debt for Waste to Energy Projects

MetalNRG plc, (LON:MNRG), the natural resources and energy investment company, is pleased to announce that it has agreed an exclusive remit for AdviCorp PLC to source a £20 million to £40 million debt facility to be invested on a project by project basis in identified, qualified and “shovel ready” waste to energy projects in Europe.

Following MetalNRG and EQTEC plc (AIM: EQT) entering into a Business Development Partnership (as previously announced on 22 March 2021) extensive work has been completed by the partnership to secure exclusivity and develop a pre-qualified secured pipeline of waste-to-energy and waste-to-fuels projects. These projects are expected to deliver revenues within 6 to 18 months of funding. The first project is already under construction in Italy.

The focus of our pipeline development has been on identifying and securing a number of mature projects that can deliver rapid revenue generation and meet the requirements for debt investment. The partnership has developed a 2-tier pipeline of projects along the following qualifications:

Tier 1: Projects that have successfully achieved financial close, to be revenue generating by the end of 2022, with a typical investment of between £2 million to £10 million, delivering an unleveraged IRR of between 12% to 16% with all the requirements for debt financing in place.

Tier 2: Projects ready to achieve financial close and construction to start in Q2 to Q4 2022, typical investment between £5 million and £10 million per project and leading to revenue within a maximum of 18 months from funding.

AdviCorp PLC, established in London in 1997 with offices in both London and Rome, is an independent investment banking firm operating in the areas of Corporate Finance, Mergers and Acquisitions. AdviCorp works with dynamic companies looking to grow their businesses. The AdvCorp team has decades of international experience in multiple financial products and markets, earned in prior executive roles in international investment banks and corporations.

AdviCorp PLC is authorised and regulated by the Financial Conduct Authority.

MetalNRG and AdviCorp have entered into an exclusive agreement that will see AdviCorp advise on securing a debt facility to be drawn down on a project by project basis.

Rolf Gerritsen commented “The agreement with AdviCorp strengthens the foundation to our development plan with EQTEC and our business partnership. The access to debt will enable MetalNRG to further develop a wider portfolio of waste to energy projects that will give us substantial flexibility.

I am delighted that AdviCorp has agreed to work with us as its reputation for delivery is outstanding. I very much look forward to supplying the market with additional information as we progress this extremely exciting project.”

 

  END

Contact details:

MetalNRG PLC

Rolf Gerritsen
Christopher Latilla-Campbell

+44 (0) 20 7796 9060

Corporate Broker
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
Nick Emerson

+44 (0) 1483 413500

 

#MNRG MetalNRG – BritNRG Update

MetalNRG plc (“MNRG” or the “Company”)  announces that further to the announcement made on 31 January 2022 that it had filed and served civil legal proceedings in the English High Court against Brit ENERGY Holdings LLP (the “LLP”), Pierpaolo Rocco (“Mr Rocco”) and BritNRG Limited (the “Joint Venture Company”) (together the “Defendants”) for, inter alia, a declaration and the recovery from the Defendants of monies paid to the LLP in 2021, it has, with disappointment, agreed to a further request for extensions of time by the Defendants for the filing of defences to 18 March 2022 (the maximum time permitted without the consent of the Court).

The Company has granted the extensions with certain conditions attached, in the light of the fact that any hearing at which opposition could be argued would inevitably only take place after the date of the requested extension. Accordingly, given the Company is primarily focussed on receipt of the actual defences, in order to assess their content, consent was granted by agreement. 

The Company will provide further updates on these issues and the legal proceedings as appropriate and once the defences have been received.

The release of this information was arranged by Rolf Gerritsen, Chief Executive Officer.

END

Contact details:

MetalNRG PLC

Rolf Gerritsen
Christopher Latilla-Campbell

+44 (0) 20 7796 9060

Corporate Broker
PETERHOUSE CAPITAL LIMITED
Lucy Williams/Duncan Vasey

+44 (0) 20 7469 0930

Corporate Broker
SI CAPITAL LIMITED
Nick Emerson

+44 (0) 1483 413500

 

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