TIDMMTR
RNS Number : 0632L
Metal Tiger PLC
23 April 2015
Metal Tiger Plc
23 April 2015
Metal Tiger Plc
("Metal Tiger" or the "Company")
Financing Update
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to advise that the Company has raised GBP175,000 through
a strategic placing and subscription of shares in the Company.
Highlights:
-- Placing and subscription of 19,999,996 new ordinary shares in
Metal Tiger at a subscription price of 0.875p per ordinary share
raising gross proceeds of GBP175,000;
-- Placing and subscription undertaken at the market mid-price
of Metal Tiger at the point the transaction was agreed;
-- Issue of 19,999,996 warrants to subscribe for 19,999,996 new
ordinary shares in Metal Tiger at an exercise price of 1.75p per
warrant, within a one year exercise period (i.e. one warrant at
1.75p for each ordinary share purchased at 0.875p);
-- Placing undertaken with high net worth individual investors
who expressed an interest in directly supporting Company
activities;
-- Additional funds enable a further expansion of the Company's
investing activities, including an acceleration of Direct Project
ground operations.
Cameron Parry, Metal Tiger CEO commented: "Metal Tiger is in the
fortunate position of having a material amount of working capital
with which to pursue its investing activities through both its
Direct Equities and Direct Projects divisions. As announced
previously (23 March 2015) the Company has, through its Direct
Equities division, generated sufficient working capital to be
currently self-financing given planned investments and
operations.
The Company was however approached by a group of investors who
were interested in Metal Tiger's value proposition and wishing to
directly support the Company with further funding. The Board
considered that it would be beneficial to add these investors to
the Company's share register and that, subject to acceptable terms,
the additional funding would enable Metal Tiger to expand and
accelerate its plans.
As a result we have agreed a placing at the mid-price at the
time the transaction was agreed, and structured this in a similar
manner to which Metal Tiger has itself invested in other AIM
companies, namely with a share and warrant (at twice the original
share subscription price) package.
Metal Tiger is delighted that in an environment where share
placings are commonly undertaken at a considerable discount to the
prevailing market price, we have been able to secure funding at the
market price. We trust this demonstrates the Board's resolve to
protect the interests of existing Metal Tiger shareholders whilst
rapidly growing the Company. Furthermore this placement
demonstrates the confidence from the new investors in the potential
of Metal Tiger's strategic plan.
Metal Tiger is now working on a number of additional initiatives
in the Direct Equities and Direct Projects divisions to apply this
further funding, and where possible additional information will be
provided to market promptly in respect of this."
Placing and Subscription Summary
Metal Tiger has agreed a placing and subscription to raise
GBP175,000 gross proceeds through the issue of 19,999,996 Metal
Tiger new ordinary shares at price per share of 0.875p (the
"Placing Shares").
Each Placing Share issued has an accompanying warrant to
subscribe for an additional Metal Tiger new ordinary share at a
price of 1.75p at any time within the 12 months following admission
to trading of the Placing Shares (a total of 19,999,996
warrants).
The 19,999,996 Placing Shares are expected to be admitted to
trading on or around 28 April 2015. Following the issue of the
Placing Shares, the number of ordinary shares in issue in the
Company will increase to 270,372,462. For the purposes of the
Financial Conduct Authority's Disclosure and Transparency Rules
("DTRs"), the issued ordinary share capital of Metal Tiger
following this allotment consists of 270,372,462 ordinary shares
with voting rights attached (one vote per share). There are no
shares held in treasury. This total voting rights figure may be
used by shareholders as the denominator for the calculation by
which they will determine whether they are required to notify their
interest in, or a change to their interest in, Metal Tiger under
the DTRs.
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
Nick Emerson (Nominated Adviser) www.sparkadvisorypartners.com
Andy Thacker SI Capital Tel: +44 (0) 1483
(Sole Broker) 413 500
Notes to Editors:
Metal Tiger Plc is a natural resources focused investing company
quoted on the London Stock Exchange AIM Market ("AIM") with the
trading code MTR and two investment divisions, Direct Equities and
Direct Projects.
The Direct Equities division invests in quoted natural resource
explorers and developers, with a combination of shares and warrants
providing a potential non-debt financing instrument and enhanced
return potential.
The Direct Projects division invests in operational mineral
exploration projects with current investments in Spanish Gold &
Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and
Uranium. The Direct Projects investment division also has working
collaborations to identify new investment opportunities in Russia
(platinum focus) and Turkey (gold focus), in association with
experienced in-country partners.
Metal Tiger's target is to deliver a high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector timed to coincide where possible, with a cyclical recovery
in the exploration and mining markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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