Metal Tiger PLC Spanish Gold & Tungsten Joint Venture Signed (4691H)
March 16 2015 - 3:00AM
UK Regulatory
TIDMMTR
RNS Number : 4691H
Metal Tiger PLC
16 March 2015
METAL TIGER PLC
16 March 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Spanish Gold & Tungsten Joint Venture Signed
In line with the Company's investing policy, Metal Tiger (LON:
MTR) is pleased to announce that following introduction by Chairman
Terry Grammer and a period of due diligence running concurrently to
negotiations, on 13 March 2015 Metal Tiger entered into a binding
Memorandum of Understanding ("MOU") to commence funding exploration
activities for gold and tungsten in Spain under a Joint Venture
("JV") in which Metal Tiger has the right to earn-in up to a 50%
interest.
Highlights:
-- Due diligence complete and Joint Venture signed
-- Primary metals targeted: gold and tungsten
-- Extensive sampling and surveys conducted over past 18 months
-- Metal Tiger to inject EUR100,000 up to a maximum EUR500,000 for 50% JV interest
-- Portfolio consists of 1 licence and 2 licence applications,
with a combined surface area of approximately 238 square kilometres
in Extremadura, Spain
Metal Tiger is pleased to announce that, following completion of
negotiations and due diligence, it has entered into a Joint Venture
with Logrosan Minerals Ltd (a Special Purpose Vehicle "SPV" company
incorporated in the UK). Metal Tiger is to fund up to the next
EUR500,000 in exploration work, with the first payment being
EUR100,000 and the balance of up to a total of EUR500,000 to be
transferred over the balance of 2015 in line with an agreed
exploration programme that includes up to 5,000 metres of drilling.
Metal Tiger to be issued with new ordinary shares in Logrosan
Minerals Ltd in line with funds injected. Should Metal Tiger
provide the total EUR500,000 2015 exploration programme funding it
will hold 50% of the shares on issue in Logrosan Minerals Ltd.
Metal Tiger's Chairman, Terry Grammer, commented: "Metal Tiger
is pleased to be commencing its first exploration activities in
Spain. The Board determined this Spanish project, based on the
detail and level of work that had already been undertaken, and the
commercial terms agreed, made this joint venture a stand-out
opportunity for Metal Tiger and its shareholders. Metal Tiger shall
provide a follow-up detailed update about historic data and we look
forward to reporting on findings under the JV over the course of
this year."
Joint Venture Terms
Under the terms of the MOU, Metal Tiger is investing EUR100,000
upfront with up to an additional EUR400,000 payable over the course
of 2015, made up of varied monthly amounts in line with an agreed
exploration programme that includes up to 5,000 metres of drilling.
Each monthly payment made by Metal Tiger provides the exclusive
right to make payment of the other monthly instalments, however it
is at Metal Tiger's discretion as to whether it continues to be the
sole funder of this amount or brings in co-investors under the same
terms as Metal Tiger's equity investment.
Should Metal Tiger be the sole investor and make the total
EUR500,000 in payments for equity in the SPV, then Metal Tiger will
acquire a total of 50% of the shares of the SPV, at which point it
is up to the board and shareholders of the SPV as to how further
stages are funded.
Joint Venture Areas
The SPV holds 1 granted licence and 2 licence applications for a
total area of 238 square kilometres in Logrosán, a municipality of
the province of Cáceres in Extremadura, Spain. The exploration
licence ("Antonio Caño", 10314-00) covers an area of 88.85 square
kilometres. The licence was granted on 2 December 2013 for a period
of three years. The "San Cristóbal" and "Zorita" licence
applications cover a further area of 148.98 square kilometres
adjacent to the "Antonio Caño" licence.
For further information on the Company, visit:
www.metaltigerplc.com:
Cameron Parry Tel: +44 (0)207
(CEO) 099 0738
Paul Johnson Tel: +44 (0)7766
(Executive 465 617
Director)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0) 2033
Neil Baldwin Limited 683 555
(Nominated Adviser)
Nick Emerson SI Capital Limited Tel: +44 (0) 1483
Andy Thacker (Sole Broker) 413 500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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