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Metals Exploration shares tank after defaulting on shareholder loan condition

Metals Exploration PLC went into default and asked for a one-month extension to complete its previously announced mezzanine facility after it failed to meet the Dec. 31 deadline.

Shares were down more than 40% in late morning London trades on the day of the announcement.

In November, the company struck a deal with major shareholders MTL (Luxembourg) Sarl Ltd. and Runruno Holdings Ltd. for an unsecured standby loan facility of up to US$6.6 million at a 20% annual interest rate, on the condition that the company would consolidate three previously announced loan facilities and the new facility into a new single mezzanine-style facility.