Source - RNS
RNS Number : 8250J
Metals Exploration PLC
14 September 2016

14 September 2016



(the "Company")



Notice of General Meeting


As announced by the Company on 8 September 2016, the debt restructuring discussions are ongoing with the HongKong Shanghai Banking Corporation Limited and BNP Paribas.  Your Board has decided that it would be prudent to convene a General Meeting to seek shareholder authority to allot shares on a non pre-emptive basis as a contingency measure should it be necessary to raise additional working capital prior to the Company's next Annual General Meeting.


The General Meeting of the Company will take place at the Company's registered office, 200 Strand, London WC2R 1DJ at 11.00 a.m. on 4 October 2016. Notice of the General Meeting and Forms of Proxy will be posted to shareholders on 20 September 2016. The resolutions to be proposed at the General Meeting will be as follows:



Resolution 1 - Authority of Directors to allot shares


This is an ordinary resolution granting general authority to the directors to allot new ordinary shares up to the threshold described in the Resolution, namely, up to an aggregate nominal amount of £1,904,436.47 (equal to approximately 10 per cent. of the nominal value of the issued share capital of the Company as at the date of this notice). If the authority is granted it would be exercised only if the directors believe that to do so would be in the best interests of the Shareholders as a whole. The authority will expire at the conclusion of the next Annual General Meeting held by the Company following the passing of this resolution.




Resolution 2 - Dis-application of pre-emption rights


This is a special resolution authorising the directors to allot ordinary shares for cash up to the threshold described in Resolution 1 on a non pre-emptive basis pursuant to the authority conferred by Resolution 1 above.  This will allow the Board to move quickly as it deems appropriate without recourse to the shareholders in the event that it considers it necessary to raise additional working capital.  This authority will expire at the conclusion of the next Annual General Meeting held by the Company following the passing of Resolution 1 above.







The Board believes the proposed resolutions to be in the best interests of the Company and its members as a whole and we unanimously recommend that shareholders vote in favour of all the proposed resolutions.








For further information please visit or contact


Ian R. Holzberger                                                                                 +63 (0) 9189 795 992

(Chairman)                                                                                            +61 (0) 418 886 165

Liam A. Ruddy                                                                                       +61 (0) 498 648 615

(Company Secretary)                                                                          +44 (0) 7911 719 960

Nominated Adviser:     STOCKDALE SECURITIES Ltd

Robert Finlay, Edward Thomas                                                          +44 (0) 207 601 6100

Public Relations:     TAVISTOCK

Barnaby Hayward;    Jos Simson                                                         +44 (0) 207 920 3150


Ewan Leggat                                                                                          +44 (0) 203 470 0470


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