Metal Tiger PLC Financing Update (9651Q)
June 23 2015 - 7:01AM
UK Regulatory
TIDMMTR
RNS Number : 9651Q
Metal Tiger PLC
23 June 2015
Metal Tiger Plc
23 June 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 GBP300,000 through
a strategic placing and subscription of shares in the Company.
Highlights:
-- Placing and subscription of 33,333,333 new ordinary shares in
Metal Tiger at a subscription price of 0.90p per ordinary share
raising gross proceeds of GBP300,000;
-- Placing and subscription undertaken around the market
mid-price of Metal Tiger at the point the Company instructed its
broker to raise the funds;
-- Issue of 33,333,333 warrants to subscribe for 33,333,333 new
ordinary shares in Metal Tiger at an exercise price of 1.80p per
warrant, within a one year exercise period (i.e. one warrant at
1.80p for each ordinary share purchased at 0.90p);
-- Placing undertaken with high net worth investors, including both existing and new investors;
-- Funds raised specifically to enable Metal Tiger to take
advantage of strategic new opportunities which the Company hopes to
announce shortly.
Cameron Parry, Metal Tiger CEO commented: "Metal Tiger is
pleased to announce this additional fundraising of GBP300,000 which
has been undertaken to enable the Company to engage with additional
strategic opportunities in respect of both Metal Tiger's Direct
Equities and Direct Projects divisions.
The increasing awareness about Metal Tiger and its investing
success to date has led to the Company receiving various
invitations to review additional natural resource equity and
project opportunities. The availability of numerous opportunities
and the sensible commercial terms that can be negotiated reflects
the limited capital available across much of the natural resource
sector during this bottoming phase of the resources cycle.
Good value opportunities will not be available to the same
extent as the sector recovery ensues and the time to grow Metal
Tiger's portfolio of interests is now, in an ambitious but measured
way.
This additional financing enables Metal Tiger to now engage with
certain additional strategic opportunities and we look forward to
providing further information to market as soon as commercial
negotiations allow."
Placing and Subscription Summary
Metal Tiger has agreed a placing and subscription to raise
GBP300,000 gross proceeds through the issue of 33,333,333 Metal
Tiger new ordinary shares at price per share of 0.9p (the "Placing
Shares").
Each Placing Share issued has an accompanying warrant (a total
of 33,333,333 warrants) to subscribe for an additional Metal Tiger
new ordinary share at a price of 1.80p at any time within the 12
months following admission to trading of the Placing Shares.
Including the warrants associated with this placing, the total
number of warrants in issue post this placing is 97,333,329.
The 33,333,333 Placing Shares are expected to be admitted to
trading on or around 29 June 2015. Following the issue of the
Placing Shares, the number of ordinary shares in issue in the
Company will increase to 303,705,795. 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 303,705,795 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:
Metal Tiger Plc
Cameron Parry (CEO) Tel: +44 (0)207 099
0738
Paul Johnson (Executive Director) Tel: +44 (0)7766 465
617
Spark Advisory Partners Limited Tel: +44 (0) 2033
(Nominated Adviser) 683 555
Sean Wyndham-Quin
Neil Baldwin
SI Capital (Sole Broker) Tel: +44 (0) 1483
Nick Emerson 413 500
Andy Thacker
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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