(Alliance News) - 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 GBP580,000 to date.

The facility provider agreed to settle the outstanding GBP316,313 balance owed by MetalNRG in exchange for the acquisition of its Italia MDC stake.

At December 31, the book valuation stood at GBP605,280.

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 GBP246,341 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.

By Elijah Dale, Alliance News reporter

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