Minoan Group PLC Reduction of Liabilities and Financing Update
01 November 2024 - 8:00AM
RNS Regulatory News
RNS Number : 5062K
Minoan Group PLC
01 November 2024
The information contained
within this announcement is deemed to constitute inside information
as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
Upon the publication of this announcement, this inside information
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1 November 2024
Minoan Group Plc
("Minoan" or the "Company")
Reduction of Liabilities and
Financing Update
Reduction of Liabilities
On 2 October 2024, the Company
announced that agreement had been reached to exchange certain
outstanding loans to the Company into new convertible
loans.
In addition, and in order to
strengthen further the balance sheet, the Company announces that it
now intends to further reduce its liabilities by the conversion
(the "Conversion") of some of its balance sheet creditors
("Creditors") into equity. Minoan is pleased to advise that it
intends to issue up to 78,000,000 ordinary shares of 1p each in the
Company ("Ordinary Shares") to settle certain balance sheet
liabilities totalling in excess of £1,300,000. Certain Directors of
the Company and of Loyalward Limited intend to participate in this
proposed Conversion and a further announcement will be made in due
course.
Financing Update
As announced on 30 April 2024, the
finalisation of the updated Contract on the Company's project at
Cavo Sidero (the "Project") will enhance significantly Minoan's
ability to accelerate numerous financial and commercial
arrangements already in progress as well as to enter into new
arrangements. It has been the Company's priority since this
announcement to seek to access new equity and debt funding
sufficient to allow Minoan to meet its expected Project funding
commitments without the traditional recourse to frequent short-term
equity placings.
The Company is pleased to report that
it is now in advanced discussions with a strategic partner to
provide significant new funding into the Company. Whilst there can
be no certainty on the timing or terms of any such
fundraising, nor can there be
any certainty that a fundraising will be
completed successfully, both Minoan and the proposed investor have
agreed that should such a fundraising go-ahead, completion will not
require a change to the Company's current 1p per Ordinary Share par
value.
For further information visit
www.minoangroup.com or contact:
Minoan Group
Plc
mail@minoangroup.com
Zeus
020 3829 5000
Antonio Bossi / Andrew
Andrade
Peterhouse Capital Limited
020 7469 0930
Duncan Vasey
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