Home » Posts tagged 'energy'
Tag Archives: energy
#BRES Blencowe Resources PLC – Bulk Sampling Complete
Highlights
· 100 tonne bulk sample mining completed.
· Transport underway to Chinese graphite processing specialist Jilin Huiyang New Material Technology Company Ltd (“Jilin”) for final metallurgical testing in its existing facilities.
· Additional 150kgs sample already sent to Jilin for initial off-site testing.
· Ugandan Government had approved landmark one-off permit for Blencowe to export bulk sample graphite from Orom-Cross earlier in Q1 2023.
Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce it has completed the mining and packaging of both the 100t bulk sample and 150kg of sample from its flagship Orom-Cross Graphite Project. In January 2023 the Company received an approval from the Ugandan Ministry of Energy and Mineral Development to export materials from its Orom-Cross Graphite Project to Chinese testing facilities to enable final bulk metallurgical test work to be undertaken. Blencowe has mandated industry specialist Jilin to complete this test work in their existing plant facility, negating the requirement for the Company to build its own bulk testing facility on-site in the near term, saving both considerable time and cost.
This final stage of metallurgical test work is a key component of the ongoing Definitive Feasibility Study. Blencowe has already proven twice (in Canada/SGS and Australia/IMO) that it can achieve a high grade, low impurity 97% LOI concentrate from a composite mix of its two deposits at Orom-Cross. The Company expects to achieve the same results with this significantly larger sample size, thereby enabling the pre-qualification of end products and subsequent entry into binding offtake contracts.
Works to excavate and transport the bulk samples were undertaken under supervision of the Company’s geologists and the Ugandan Department of Geology, Survey and Mines (DGSM). Works were carried out by local Uganda firm ADT/LogVoy. The 100t bulk sample and the 400litres of groundwater are being sea-freighted from the Port of Mombasa, and the 150kgs of same samples are being fast-track air-freighted to same Jilin facility, to undergo metallurgical testing as a precursor to build knowledge before the larger samples arrive.
Once this bulk sample test is completed over the next few months Blencowe will utilise these same facilities to lift the 97% concentrate to a 99.95% SPG-ready product, which can then be tested by OEMs to ensure it meets their requirements. When this OEM testing is successfully completed binding offtake contracts may then be secured. In parallel Blencowe will also be doing same 99.95% SPG-ready testing in USA to obtain a separate qualification with another technical industry expert, thereby ensuring the widest range of offtake partners are available to the Company.
Cameron Pearce, Executive Chairman commented;
“Our process to secure end-product qualification, which then opens the door to binding offtake contracts, is underway. This is a methodical process designed to deliver an end-product that meets the most stringent battery grade testing by the OEMs. We are very confident in the product to be produced from Orom-Cross, especially given the lack of impurities within the concentrate in all testing thus far. If we can continue to demonstrate this quality in the months ahead we will be in excellent shape to complete this pre-qualification process.”
He added “The pre-qualification process remains a barrier to entry for many would-be graphite producers, as achieving the battery level quality the OEMs require is challenging. However, based on historical test results we are confident we will achieve this and, in doing so, place Orom-Cross as one of the highest quality graphite projects worldwide.“
For further information please contact:
|
Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
|
|
Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
|
|
Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733 jonathan.evans@tavirasecurities.com
|
|
First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
|
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
#TYM Tertiary Minerals PLC – Chairman’s AGM Statement
I look forward to welcoming shareholders at our AGM today where, after the close of formal business, I will be giving a presentation on the Company’s projects. This presentation is now live on the Company’s website.
Our focus is fixed firmly on copper exploration in Zambia and Nevada, USA. Copper is the number one energy transition metal, yet, being an established industrial metal, it is often overlooked in the scramble for other battery metals such as lithium. Copper is the workhorse of the energy transition where its properties of high conductivity, ductility, efficiency and recyclability are essential in wind turbines, solar energy installations, energy storage and, of course, electric vehicles. It is our view that copper is most likely to survive the evolution of battery technologies which may be at the expense of some of the more novel commodities.
To underline this view, we were pleased to see late last year the Gates, Bezos and Branson backed Breakthrough Energy Ventures company Kobald Metals announce a £150m investment at the end of 2022 into the development of the Mingomba copper deposit adjacent to our Konkola West Project in Zambia.
Konkola West is one of five copper projects in Zambia where Tertiary has an interest and is targeting deep down-dip extensions of the contiguous Musoshi-Lubambe-Mingomba-Konkola copper deposits which host the Musoshi Mine in the Democratic Republic of the Congo and the Lubambe Mine and Konkola mines in Zambia. Together these deposits define a continuous zone of mineralisation over 15km long with a pre-mining endowment of over 775 million tonnes grading 2-3% copper.
The Company’s interests in Zambia have been acquired in an agreement with local Zambian company, Mwashia Resources Ltd. The portfolio includes the Jacks Copper Project where the Company completed soil sampling and drilling in 2022 and where further drilling is planned in 2023. It also includes the Mukai and Mushima North project areas where the Company has a Data Sharing and Technical Cooperation Agreement with major Zambian and global copper producer First Quantum Minerals (“FQM”).
FQM has now completed the transfer to the Company of its extensive and valuable historical data for these two projects and we are set to benefit from FQM’s extensive and in-depth country experience, gained over many years of exploration and mine development in Zambia.
The Mukai Project Exploration Licence is located in Zambia’s North-Western Province and is directly adjacent to FQM’s Trident Project, which includes the large Sentinel Copper Mine and the recently opened Enterprise Nickel Mine. The Mushima North Exploration Licence, in the Kasempa District, is also in an active FQM exploration area and is prospective primarily for iron-oxide-copper-gold (IOCG) mineralisation.
Now that we have started work to evaluate the FQM datasets, a number of exciting exploration targets are emerging. We hope to reveal more about this in the near future and in the meantime we are busy planning field programmes to start within the next couple of months as soon as the wet season ends.
The Zambian government has big ambitions for its copper industry and is instigating a more attractive fiscal regime to promote these ambitions. As a result, a number of other major mining companies, such as Anglo-American and Rio Tinto, are once again exploring in Zambia.
In Nevada our focus in 2023 is on our drill-ready Brunton Pass Project. Here low-grade copper values occur over substantial widths together with gold indicator elements and define a target for copper skarn and porphyry copper mineralisation, as well as epithermal gold.
We believe that companies exploring for copper offer excellent value in the market compared with companies involved in other battery metals and with multiple drill programmes budgeted for 2023 we anticipate strong news flow.
We also believe that the Company is well positioned to achieve a substantial rerating for shareholders, and we look forward to seeing shareholders at the AGM and to reporting on further progress.
Patrick Cheetham
Executive Chairman
For more information:
Website: www.tertiaryminerals.com
Contacts:
|
Tertiary Minerals plc: |
||
|
Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
|
|
SP Angel Corporate Finance LLP Nominated Adviser and Broker |
||
|
Richard Morrison |
+44 (0) 203 470 0470 |
|
|
Harry Davies-Ball |
||
|
Peterhouse Capital Limited Joint Broker |
||
|
Lucy Williams |
+ 44 (0) 207 469 0930 |
|
|
Duncan Vasey |
||
January 2023 Investment Review – Alan Green talks to Ken Baksh
January 2023 Investment Review – Alan Green talks to Ken Baksh. Covering global markets, trends for 2023 and expected developments, the interview is published in conjunction with Ken’s investment report here
Ken’s outlook is best summarised with ‘Ken’s Tens’.
• Keep an overweight position in renewable/infrastructure, especially in investment trust (page 21).
• Favour value over growth generally-trade has further to run.
• Stay neutral/overweight in UK equities relative to your benchmark (page15).
• Overweight Far East,including China,Japan and other Asia (pages 16-19).
• Start switching large cap to small cap-valuation/performance.
• Start diversifying away from strong dollar.
• Overweight uranium relative to your commodity benchmark (page 21).
• Amongst UK sectors overweight telecom, health equipment, defence, tobacco and energy (pages 13-14),”not too ESG friendly,I am afraid”.
• Amongst UK sectors underweight luxury, motor related, most capital goods, consumer brands and food retail (pages 13-14).
• Within UK Fixed Interest prefer corporate bonds, preference shares, and zeroes to conventional gilts (page 21)-start rebuilding some fixed interest exposure,especially for cautious and balanced risk profiles.
#TM1 Technology Minerals – £4 million convertible bond facility
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that it has entered into a £4.0 million convertible bond facility (the “Facility”) with Macquarie Bank Limited (“MBL”) and Atlas Capital Markets LLC (“ACM”).
Use of Funds
The Facility would be used primarily to enable the Company to:
·Ramp up of the first phase of operations at the Tipton lead-acid battery recycling plant and prepare to commence industrial-scale processing through an automated plant following approval from the Environmental Agency
·Support operating costs and capital expenditure required to accelerate the Company’s twin-track growth strategy to create a circular economy for battery metals to capture the industrial scale opportunity for recycling Lithium- ion and lead-acid batteries
Details of the Proposed Facility
Under the Facility, MBL and ACM will provide a £4.0 million convertible bond facility with a coupon of 5% per annum over the SONIA rate, payable quarterly in cash or in shares at the Company’s discretion. The Facility can be drawn in eight tranches of up to £500,000 with each tranche being called at Technology Mineral’s discretion once the previous tranche has been fully converted and subject to certain conditions. MBL and ACM will purchase the convertible bonds at a fixed price equal to 95% of the principal amount. MBL will purchase the first tranche, and each subsequent tranche will be purchased by MBL or ACM pursuant to the terms of the subscription agreement among the parties.
MBL and ACM can convert the convertible bonds to Technology Minerals shares (“Shares”) by issuing a conversion notice with the price set at 90% of the 3-day Volume Weighted Average Price of the Shares, where the 3 days may be consecutive or not and are selected by MBL or ACM (as applicable) from the 20 days prior to the issue of a conversion notice by MBL or ACM. The convertible bonds shall have a maturity of two years from issuance.
The Company will pay a transaction fee equal to 3% of each tranche (the “Commission”). The Commission is payable in cash, and may be deducted from the amount payable by MBL or ACM (as applicable) to Technology Minerals for each tranche.
In addition, warrants amounting to 30% of each tranche will be attached to each tranche of the convertible bonds. The warrants will have a strike price fixed at 30% premium to the Volume Weighted Average Price of the Shares for the 5 consecutive days prior to the issue date of each tranche. The warrants will expire two years after issuance.
The convertible bonds would be capable of redemption at any time by the Company with 60 business days’ notice at par plus 10% premium of the principal amount remaining.
MBL and ACM would be unable to convert the convertible bonds to Shares where such conversion would mean that it would become interested (as defined in the City Code on Takeovers and Mergers (the “Takeover Code”)) in shares that in aggregate carry more than 29.9 per cent of the of the voting rights of the Technology Minerals.
Shareholder Approval
The Company will seek shareholder approval should this be required in order to issue the convertible bonds in accordance with the tranches which may be drawn under the Facility.
Alex Stanbury, CEO of Technology Minerals, said: “We are delighted by the confidence Macquarie Bank and Atlas Capital Markets have shown in us and look forward to working with them closely as we turn our focus to scaling operations domestically and overseas. The £4.0m convertible bond facility complements our fundraise in November and strengthens the Company’s position as we look to ramp up our operations at Tipton and progress with our twin-track growth strategy to create a circular economy for battery metals.”
Enquiries
|
Technology Minerals Plc |
|
|
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 (0)20 4582 3500 |
|
Oberon Investments Limited |
|
|
Nick Lovering, Adam Pollock |
+44 (0)20 3179 0535 |
|
|
|
|
Arden Partners Plc |
|
|
Ruari McGirr |
+44 (0)207 614 5900 |
|
Gracechurch Group |
|
|
Harry Chathli, Alexis Gore, William Dobinson |
+44 (0)20 4582 3500 |
Technology Minerals Plc
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
Macquarie Bank Limited
Macquarie Bank Limited (ABN 46 008 583 542), a corporation constituted with limited liability under the laws of the Commonwealth of Australia and authorised to carry on banking business in, amongst others, the Commonwealth of Australia, and the United Kingdom. Macquarie Bank’s expertise covers asset finance, lending, banking and risk and capital solutions across debt, equity and commodities.
Atlas Capital Markets LLC
Atlas Capital Markets (“ACM”) is an investment company based in London, founded in 2012. ACM is managed by a team of experienced professionals that has originated, structured and managed over $10bn in special situation financing and asset-orientated investments globally. ACM takes pride in the relationship fostered with each portfolio company and the added value we bring in expertise and strategic introductions in addition to our invested capital. ACM’s management has decades of experience and has executed numerous deals across the world successfully.
#ECHO Echo Energy PLC – Debt Restructuring Completion & Issue of Equity
Echo Energy plc, the Latin American focused energy company, announces that in respect of completion of the restructuring of the Company’s Luxembourg listed EUR 20.0m 8.0% secured notes (the “Notes”) and the Company’s 5.0 million 8.0% secured convertible debt facility (the “Facility”), it has today made application for 3,570,766,386 new ordinary shares in the Company (the “New Ordinary Shares”) to be admitted to trading on AIM (“Admission”). The New Ordinary Shares will rank pari passu with the Company’s existing ordinary shares and it is expected that Admission will occur at 8.00 a.m. on 8 December 2022.
As a result, the restructuring of the Notes and the Facility first announced by the Company on 12 August 2022 and subsequently approved by Echo shareholders and holders of the Notes will complete on Admission, with an aggregate of €15.0 million of debt principal, together with accrued interest thereon having been converted into the New Ordinary Shares.
Following Admission, the Company’s issued ordinary share capital will comprise 5,527,427,674 ordinary shares, none of which are held in treasury. Therefore the total number of ordinary Shares with voting rights in Echo following Admission will be 5,527,427,674.
The above figure of 5,527,427,674 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in or a change to their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Martin Hull, Echo’s Chief Executive Officer, commented:
“Completion of the restructuring of the Company’s balance sheet is a very significant and positive milestone for Echo Energy. I would like to thank our note and debt holders, and of course Echo’s shareholders, for their continued support.
With our ambitious strategy to increase production and value in Santa Cruz sur, we remain focused on delivering on our operational and commercial goals.”
For further information, please contact:
|
Echo Energy Martin Hull, Chief Executive Officer
|
via Vigo Consulting |
|
Vigo Consulting (IR/PR Advisor) Patrick d’Ancona Finlay Thomson Kendall Hill
|
+44 (0) 20 7390 0230 |
|
Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
|
+44 (0) 20 7397 8900 |
|
Arden Partners plc (Corporate Broker) Simon Johnson (Corporate Broking) John Llewellyn-Lloyd (Corporate Finance)
|
+44 (0) 20 7614 5900 |
#GRX GreenX Metals Limited – Quarterly Activities Report September 2022
HIGHLIGHTS
· GreenX continued with its exploration work program to acquire up to 80% of the ARC copper project in Greenland:
o ARC is a significant, large-scale project (5,774km2 license area) with historical exploration results and recent analysis indicative of an extensive mineral system with potential to host world-class copper deposits.
o In August 2022, laboratory XRF analysis of native copper samples from ARC showed high purity consistently over 99% copper. Analysis also confirmed the presence of silver in one sample, and no significant deleterious elements in any of the samples.
o Despite adverse weather and ice conditions in Greenland affecting access to ARC during 2022, a site visit was made and limited samples were collected. GreenX was able to deliver the key exploration equipment into Greenland which should result in better efficiencies in the next field season.
o Results for the 2022 site visit to be released in the coming weeks.
· International arbitration claims against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty continue at pace:
o Statement of Reply for ongoing arbitration against Poland has been filed with a revised claim for compensation in the amount of £737 million (A$1.3 billion/PLN 4.0 billion) as prepared by external quantum experts.
o Claim includes an updated assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko mines, and accrued interest related to any damages.
o Following the lodgement of final substantive filings from both parties subsequent to the end of the quarter, the next step in the arbitration process is for the hearing to be conducted in front of the Tribunal.
o GreenX notes the recent success of AIM listed, Rockhopper Exploration plc’s Energy Charter Treaty claim against the Republic of Italy in relation to oil and gas licenses including a unanimous decision against the Republic of Italy to award €190 million in damages plus interest.
· Cash balance at 30 September 2022 of A$4.2 million to fund activities at ARC plus A$7.4 million available under the litigation funding facility to continue pursuing GreenX’s dispute against the Republic of Poland.
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 30 September 2022.
LABORATORY ANALYSIS OF HISTORICAL SAMPLES FROM ARC CONFIRMS UP TO 99.8% PURE NATIVE COPPER
During the quarter, GreenX and its joint-venture (JV) partner Greenfields Exploration Ltd (Greenfields) announced the results of preliminary analysis on three historical samples of native copper nodules from the ARC Project (ARC or the Project) in Greenland. The samples were obtained from a recently opened government geological storage facility in Copenhagen. Three native copper samples found at Discovery Zone, Neergaard Dal, and Neergaard South within ARC were subject to advanced micro-XRF scanning, a more precise and comprehensive technology when compared to more common portable XRFs.
The best analysis result was for a sample found immediately south of the Discovery Zone, which indicated median copper purity of 99.8%, with 255 g/t silver, 0.004% antimony and 0.000% arsenic.
The samples from Neergard Dal and Neergard South indicated copper purity of 99.7% and 99.4% respectively, with low to no deleterious elements detected in any of the samples. The high quality of the analysed samples is comparable to blister copper, a product typically produced by smelting prior to being sent to a refinery.
The results of the micro-XRF analysis are supportive of the potential quality of the mineralisation at ARC and will inform future field programs which will incorporate geochemical sampling, portable core drilling, and geophysics at high-priority targets within ARC. The Discovery Zone, where the highest-purity analysed sample was recovered, is the highest priority exploration target.
Despite adverse weather and ice conditions in Greenland affecting access to ARC during 2022, a site visit was made and limited samples were collected. GreenX was able to deliver the key exploration equipment into Greenland which should result in better efficiencies in the next field season.
ABOUT ARC
ARC is an exploration joint venture between GreenX and Greenfields. GreenX can earn 80% of ARC by spending A$10 million by October 2026. ARC is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.
GreenX and GEX consider the observed geological setting and features of ARC to be indicative of an extensive mineral system capable of hosting world-class copper deposits. The large scale of the mineral system, widespread copper anomalism, combined with dual mineralising events are analogous to the largest copper systems known worldwide. Accordingly, GreenX considers that ARC has the potential to be a globally significant metallogenic province.
Historical field programs identified widespread copper-silver occurrences at surface:
· geochemical sampling found that 80% of stream sediment samples contain native copper
· native copper is found in situ or as float, with individual clasts of native copper weighing up to 1 kg+
· high grade copper sulphides, grading up to 2.15% Cu and 35.5g/t Ag over 4.5m true width, are known from trench sampling of fault zones within sediments (see GreenX announcement dated 20 January 2022 entitled “New Copper Targets Identified at ARC”)
· assay results from individual samples are much higher grade, including:
|
o 53.8% Cu and 2,480g/t Ag |
o 7.9% Cu and 53 g/t Ag |
|
o 20.7% Cu and 488g/t Ag |
o 5.3% Cu and 112 g/t Ag |
|
o 12.5% Cu and 385g/t Ag |
o 5.0% Cu and 304 g/t Ag |
|
o 9.0% Cu and 112 g/t Ag |
o 4.0% Cu and 82 g/t Ag |
Very high-grade copper mineralisation identified at ARC is associated with the Minik Anomaly, a coincident magnetic-electromagnetic-gravity feature in an area where there is a change in oxidation state and widespread native copper in stream sediments. These features are presented as the footprint of a large-scale hydrothermal system.
The frequency and size of the native copper clasts, and the high grade of the copper-silver sulphides that are exposed at the surface, bode well for the prospectivity of copper deposits and will be a will be a key focus of the first field campaign.
There are multiple targets and favourable geological settings considered to be prospective within the ARC project area, including the following.
· The highly anomalous basalt is a high priority target that has not previously been the focus of commercial exploration. These basalts are the source of the native copper.
· The sulphide mineralised faults passing through these basalts into the overlying sediments have been subject to first pass exploration and shown to be rich in copper and silver. The high-grade sulphides in these faults will be the focus of further exploration.
· The permeable coarse-grained sandstone within the Jyske Ås Fm has high grade copper that is effectively unexplored. This stratiform mineralisation adds the potential for significant lateral extension of the known mineralisation exposed in the faults of the Discovery Zone.
As such, the extensive ARC mineral system is known to be prospective for basalt, fault, and sedimentary rock-hosted (‘sediment-hosted’) mineralisation that despite the attractive grades, is virtually unexplored.
CORPORATE
Financial Position
As at 30 September 2022, GreenX had A$4.2 million to fund activities at ARC plus A$7.4 million available under the litigation funding facility to continue pursuing GreenX’s dispute against the Republic of Poland.
DISPUTE WITH POLISH GOVERNMENT
During the quarter, the Company reported that as part of the ongoing international arbitration claims (Claim) against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties), GreenX had filed its Statement of Reply in the BIT arbitration.
This is the final material filing that GreenX has made for the BIT arbitration, with the next step in the arbitration process, following the lodgement of Poland’s Rejoinder, is for the hearing to be conducted in front of the Tribunal.
Based upon revised external expert reports in response to Poland’s Statement of Defence, GreenX is now seeking compensation in the amount of £737 million (equivalent to A$1.3 billion or PLN 4.0 billion).
Details of the Claim
The Company’s Claim against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings.
The claim Tribunals have been constituted, with both Claims being registered with the Permanent Court of Arbitration in the Hague. The BIT and ECT claim proceedings proceed at pace, with the Company now having filed a revised claim for damages against Poland with the Tribunal in the amount of £737 million (A$1.3 billion/PLN4.0 billion), which includes damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by external quantum experts appointed by GreenX specifically for the purposes of the Claim.
In July 2020, the Company announced it had executed a Litigation Funding Agreement (LFA) for US$12.3 million with Litigation Capital Management (LCM). The facility is currently being drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.
In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last significant filing to be made by the Company, has now been filed in both Arbitrations. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Defence.
GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland which effectively deprives GreenX of the entire value of its investments in Poland.
In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably. As of the date of this report, no amicable resolution of the dispute has occurred, since the Polish Government has declined to participate in discussions related to the dispute and accordingly the Company has formally proceeded with its Claim as discussed above.
GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland.
Furthermore, GreenX notes the recent success of AIM listed Rockhopper Exploration plc’s (Rockhopper) ECT claim against the Republic of Italy in relation to oil and gas licenses.
On 24 August 2022, Rockhopper announced that an ECT arbitration panel had reached a unanimous decision against the Republic of Italy to award Rockhopper €190 million in damages plus interest at EURIBOR +4% compounded annually from 2016 until the time of payment.
All costs associated with the Rockhopper arbitration were funded on a non-recourse (“no win – no fee”) basis from a specialist arbitration funder, similar to GreenX’s litigation funding arrangements. After payments due to the arbitration funder, Rockhopper expects to retain approximately 80% of the award.
#MNRG MetalNRG PLC – Further Litigation Update
MetalNRG plc (“the Company”) announces that further to the High Court’s written judgements in the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants (together the “Defendants”), in its action for recission of certain contracts and restitution, the deadline for the Defendants to make payment to the Company in the sum of £1,122,961.85 (which includes interest awarded and interim costs recovery) was 4.00pm yesterday (26th October 2022) (the “Payment Deadline”).
The Company has this morning received the second payment of £250,000 mentioned in the previous release and therefore a total of £500,001 has been received, the Defendants are currently in default in the sum of £622,960.85.
As previously announced the Company will today issue statutory demands for the unpaid balance, as a measure to protect its and its shareholders interests, and if such balance is not paid in full by the Defendants (with such additional interest as may accrue), will proceed to petition for the winding up of, or administrators appointed over, the Defendants on grounds of insolvency.
END
Contact details:
|
MetalNRG plc Rolf Gerritsen |
|
|
Corporate Broker |
+44 (0) 20 7469 0930 |
|
Corporate Broker |
+44 (0) 1483 413500 |
|
#MNRG MetalNRG PLC – Litigation Update
MetalNRG plc (“the Company”) announces that further to the High Court’s written judgements in the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants (together the “Defendants”), in its action for recission of certain contracts and restitution, the deadline for the Defendants to make payment to the Company in the sum of £1,122,961.85 (which includes interest awarded and interim costs recovery) was 4.00pm yesterday (26th October 2022) (the “Payment Deadline”).
The Company received a total of £250,001 before the Payment Deadline and were informed that further £250,000 had been remitted, although as at the current time the second payment has not actually been received, accordingly the Defendants are currently in default in the sum of £972,960.85.
Given that representatives of the Defendants made public statements that they were able to pay the judgement in full, additionally requesting and being granted an extra 14 days from the court to pay over the standard 14 day period, and that the Defendants are now in default of those judgements made by the High Court, the Company will today issue statutory demands for the unpaid balance, as a measure to protect it and its shareholders interests, and if such balance is not paid in full by the Defendants (with such additional interest as may accrue), will proceed to petition for the winding up of, or administrators appointed over, the Defendants on grounds of insolvency.
Contact details:
|
MetalNRG plc Rolf Gerritsen |
|
|
Corporate Broker |
+44 (0) 20 7469 0930 |
|
Corporate Broker |
+44 (0) 1483 413500 |
#MNRG MetalNRG PLC – Litigation Update
MetalNRG plc (“the Company”) announces that it has received High Court’s written judgements in the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants, in its action for recission of certain contracts and restitution referred to as the “April Transaction”. As previously announced, the Company was advised that the claims against the second defendant (Mr Rocco) required the Court to hear oral evidence, so were not suitable for summary judgment at this juncture.
Highlights:
* Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd has been granted.
* The Judge refused an application for leave to appeal made to her on the day by the Defendants
* The Judge dismissed the application for a stay of execution as being “without merit”.
Noting that representatives of the Defendants appear to have been posting on social media that they achieved some measure of favourable outcome at the hearing, we have set out below a summary of the Court’s findings and Orders as actually made and have extracted what we believe to be key points from the full written judgements delivered by the Court,
We have also made the full judgements available on the Company’s web site www.metalnrg.com under a special section entitled “Summary Judgement”. so that interested parties can draw their own conclusions. The Judge delivered a very detailed judgment on the case before her for summary judgement and also dealt with an additional application, made by all three defendants on the day of the hearing, for a stay of execution, pending the hearing of yet another claim made by Mr Rocco by way of a petition for unfair prejudice under section 994 of the Companies Act 2006.
Key Points from the Summary Judgement
The Judge (1) granted the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants; (2) refused an application for leave to appeal made to her on the day; and (3) dismissed the application for a stay of execution as being “without merit”.
These judgements follow the Company’s successful defence of Mr Rocco’s claims in the Scottish Court which he is now appealing.
We understand that Mr Rocco and associates have publicly stated that BritEnergy Holdings LLP and BritNRG Ltd will appeal the latest judgements against them. We would suggest that this merely shows a refusal to accept the reality of the situation in which the first and third defendants now find themselves; namely that payment of the sum of £1,019,999 must now be made to the Company by 4pm on 26 October 2022 together with a further £65,000, by way of an interim costs award, and interest on the judgment sum at a rate of 2% over Bank of England Base rate from the 23 September 2021. Further costs will be assessed in the Company’s favour in due course (including the Company’s costs of dealing with the meritless stay application, which costs have been awarded on the indemnity basis – see below). Any appeal (should permission to appeal even be granted) will not (by itself) delay or curtail the requirement for these payments to be made.
We should stress that if full payment is not made in accordance with the Court Orders on the due date, MetalNRG will proceed immediately to take enforcement action.
We are equally dismissive of Mr Rocco and his associates’ public statements that BritEnergy Holdings LLP and BritNRG Ltd have an excellent case for an appeal. The Judge refused leave to appeal at the hearing and, in the event that BritEnergy Holdings LLP and BritNRG Ltd seek leave to appeal, they will have to deliver compelling written arguments to the Court of Appeal in seeking such leave to appeal. Given the clarity and comprehensive nature of the judgement of the Judge, we do not believe that an application to appeal stands, in the words of the Judge, “any reasonable chance of success”; it is merely, once again, indicative of an unwillingness to accept reality and part of a pattern of denial to accept responsibility.
In respect of the application made by all three defendants for a stay of execution, the Judge not only dismissed the application as being “without merit” but also ordered that BritEnergy Holdings LLP and BritNRG Ltd should pay MetalNRG’s costs of that application, such costs to be subject to detailed assessment on the indemnity basis if not agreed. Costs are generally only awarded on an “indemnity basis” if the judge feels that there is a feature of a party’s conduct which takes its actions ‘outside of the norm’ – which in this case was the hopelessness of the argument being run.
Whilst we have no desire to give any potentially biased slant to the judgements (the full judgements available on the Company’s web site www.metalnrg.com (under the general heading investors section and a special section entitled “Summary Judgement”), we note that representatives of the defendants have always asserted that they would easily prevail in this case and we accordingly consider that it is important to demonstrate that the claims made by MetalNRG were not considered by the Judge to be “purely technical” or “contrived”, as has been asserted by the defendants.
The following are extracts from the judgements:
“I would mention at this stage that originally, as part of their Defence, the Defendants contended that [section 190 of the Companies Act 2006] was not engaged because the April Transaction was not with a connected party. However, shortly before the hearing, the Defendants conceded that this point was not correct and did not pursue it. In my judgment, that concession was rightly made”.
“If I accepted the arguments of Mr Levey KC (Counsel for the Defendants), this would, in my judgment, drive a coach and horses through [section 190 of the Companies Act 2006] and defeat the legislative purpose of that provision. Mr Levey KC admitted that, if he were right and no approval by the shareholders was required under [section 190 of the Companies Act 2006], no such approval of the transaction would subsequently be required if ultimately the condition was satisfied. His concession must be correct, because pursuant to [section 190 of the Companies Act 2006] approval of an arrangement must take place at the inception of the arrangement”.
“In conclusion, I accept the submissions of the Claimant and find that the Defendants have no real prospect of establishing at trial that the SPA was not subject to requirements of [section 190 of the Companies Act 2006]. It is, therefore, unnecessary for me to consider Mr Dougherty’s (Counsel to MetalNRG) alternative argument, although had it been necessary to do so, for the reasons set out above and also for reasons similar to those relating to the Company Option, I would have found that the SPA created a right over the Sale Shares.”
“The application for a stay is refused. In brief, my reasons are as follows: although this application is made by all three Defendants, the reality is that it is an application by the Second Defendant (Rocco), against whom no judgment has been entered in these proceedings, in order to protect the remedies that he seeks in the [Petition brought under section 994 of the Companies Act 2006], to which neither the First nor Third Defendant (BritEnergy LLP and BritNRG Ltd) are a party. In my judgment, this is not the right forum to make an application, which effectively seeks to prevent the Claimant from enforcing its judgment against the First and Third Defendants.”
“I am concerned about the purpose of the application for a stay. The purpose of the [Petition brought under section 994 of the Companies Act 2006] is to protect the Second Defendant’s (Rocco’s) interest as a member of the Claimant. However, it would appear that what the Second Defendant [Mr Rocco] is seeking to do by relying on his [Petition brought under section 994 of the Companies Act 2006] in this application to stay the Judgment is to confer an indirect and collateral benefit on the First and Third Defendants who are not members of the Company and, as already stated, are not parties to the [Petition brought under section 994 of the Companies Act 2006]. It is difficult to see how it is in the interests of the Claimant, and, therefore, in the interests of the Second Defendant as a member of the Claimant, for there to be a stay of the Judgment. No evidence has been adduced before me to show that the Claimant’s interests would be advanced if the rescission of the April Transaction were to be reversed. On the evidence before me, the only interests that would be served if I were to order a stay (which, in any event, could only be a stay on the rescission order and not on any liability to account) would be those of the First and Third Defendants”.
Rolf Gerritsen commented:
“MNRG successfully obtained dismissal of Mr Rocco’s claims in Scotland and we have now obtained the summary judgement in the High Court which we sought; summary judgement is only granted in cases where there is no real prospect of a case being defended at trial.
We have also obtained dismissal of the attempts by all three defendants to secure additional delays to avoid repayment of funds that would never have been paid to them had the full facts been known at the time.
The Board sees the appeals and threats to appeal as merely being a tactic to delay the inevitable need to account to MetalNRG, in full, in respect of a transaction that was not lawful. Despite their best efforts the defendants must now repay the funds to MetalNRG by 4pm on 26 October 2022, together with interest and an interim costs award.
If payment is not received, we are already prepared to take immediate enforcement action to give effect to the orders made by the High Court.
We hope that the Company can now focus on building its core business and that this distracting sideshow will finally be at an end for all involved.“
END
Contact details:
|
MetalNRG plc Rolf Gerritsen |
|
|
Corporate Broker |
+44 (0) 20 7469 0930 |
|
Corporate Broker |
+44 (0) 1483 413500 |
Alan Green discusses what the new PM needs to do with energy bills plus #AAF Airtel Africa, #WOSG Watches of Switzerland & #POW Power Metal Resources
Alan Green discusses what the new PM needs to do with energy bills plus #AAF Airtel Africa, #WOSG Watches of Switzerland & #POW Power Metal Resources
Listen to the podcast here
