Metal Tiger PLC Invt In Eurasia Mining and Project Collaboration (8195A)
December 29 2014 - 6:00AM
UK Regulatory
TIDMMTR
RNS Number : 8195A
Metal Tiger PLC
29 December 2014
METAL TIGER PLC
Investment in Eurasia Mining and Project Collaboration
Metal Tiger PLC
29 December 2014
Metal Tiger plc
("Metal Tiger" or the "Company")
New Project Collaboration & Investment Agreement
Metal Tiger plc becomes a shareholder in Eurasia Mining plc
through GBP150,000 equity investment
In line with the Company's investing policy and strategic update
announced on 24 July 2014, Metal Tiger Plc (LON: MTR), the AIM
listed natural resources investing company, is pleased to announce
that it has entered into a New Project Collaboration &
Investment Agreement (the "Agreement") with Eurasia Mining plc
(LON:EUA) ("Eurasia") that includes a direct equity investment of
GBP150,000 by Metal Tiger in the ordinary shares of Eurasia.
Metal Tiger's CEO, Cameron Parry, commented: "Metal Tiger is
pleased to enter into the collaboration & investment agreement,
which enables the Company to invest directly in Eurasia as well as
engage with new investment opportunities identified by the Eurasia
team. The Agreement enables Metal Tiger to participate jointly with
Eurasia on opportunities in the geographic and commodity areas
where Eurasia has extensive knowledge and operational capability. A
key to this collaboration, much as with our recent commercial
involvement with Kibo Mining Plc announced on 21 November 2014, is
the expansion of Metal Tiger's investment reach by partnering with
locally focussed companies with established ground operations.
Metal Tiger is pleased to be investing GBP150,000 in the
Ordinary Shares of Eurasia, where we see the opportunity for
significant near term value generation; in particular with the
potential receipt of a mining licence at West Kytlim that would
enable Eurasia to move into Platinum Group Metals production
activities."
Metal Tiger and Eurasia entered into the New Project
Collaboration & Investment Agreement on 24 December 2014
granting Metal Tiger the right of first refusal to participate and
co-fund, on an equal basis with Eurasia, any new projects or
investments undertaken by Eurasia for the period of 18 months from
the date of the Agreement.
Under the Agreement Metal Tiger will have ten business days in
which to decide whether to participate or not from the date each
opportunity is communicated in writing to the Company. This
includes any existing projects under review by Eurasia but not yet
formally announced to the market. For the avoidance of doubt, this
does not include the Eurasia Mining Plc projects known as the Urals
Alluvial Platinum project and the Kola PGM project.
As part of the Agreement, Metal Tiger has agreed to immediately
acquire 30,000,000 new ordinary shares in Eurasia (the
"Subscription Shares") at a price per share of 0.5p per
Subscription Share ("the Subscription") - a total of GBP150,000
into Eurasia Mining funded from the Company's existing cash
resources. Payment for the shares has been made and immediately
following receipt of funds, an application shall be made by Eurasia
for the Subscription Shares to be admitted to trading on AIM. In
the year to 31 December 2013, Eurasia made a loss before tax of
GBP750,000. On admission of the Subscription Shares Metal Tiger
will become a shareholder in Eurasia Mining Plc with a beneficial
interest in 2.71% of Eurasia's issued share capital. .
As part of the transaction Eurasia will also issue Metal Tiger
with warrants over 30,000,000 new ordinary shares in Eurasia Mining
Plc, exercisable within a three-year term at an exercise price of
1p each. However, should Eurasia announce to market receipt of a
licence to mine platinum in respect of the West Kytlim project,
then the exercise price of any Metal Tiger Warrants that have not
been exercised by that date will be increased by 50% to 1.5p
each.
For further information on the Company, visit:
www.metaltigerplc.com:
Cameron Parry Tel: +44 (0)207 099
(CEO) 0738
Paul Johnson Tel: +44 (0)7766 465
(Non-Executive 617
Director)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0) 2033 683
Neil Baldwin Limited 555
(Nominated Adviser)
Nick Emerson SI Capital Limited Tel: +44 (0) 1483 413
Andy Thacker (Sole Broker) 500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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