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MetalNRG PLC on Friday said it sold its stake in Eqtec Italia MDC Srl, its joint venture with fellow London listing Eqtec PLC.
The London-based resource investment firm sold its 11% stake in the Tuscan-based waste-to-energy venture to one of its creditors.
In July 2020, MetalNRG entered into a unsecured facility agreement which has provided the company with £580,000 to date.
The facility provider agreed to settle the outstanding £316,313 balance owed by MetalNRG in exchange for the acquisition of its Italia MDC stake.
At December 31, the book valuation stood at £605,280.
Executive Director Rolf Gerritsen said: ‘Italia MDC was considered non-core as MetalNRG concentrates its growth and value creation efforts on the mining sector. We are therefore pleased to have secured this sale and at the same time extinguished a liability from the company’s balance sheet.’
After raising £246,341 earlier this month via the subscription of 246.3 million shares at 0.1 pence each, MetalNRG said it continues to progress a number of potential reverse takeover targets.
MetalNRG shares were up 1.8% to 0.17 pence each in London on Friday afternoon.
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