TIDMMTR
RNS Number : 9547I
Metal Tiger PLC
14 December 2015
Metal Tiger Plc
14 December2015
Metal Tiger Plc
("Metal Tiger" or the "Company")
Director Share Purchase
Metal Tiger plc the London Stock Exchange AIM listed investor in
strategic natural resource opportunities is pleased to announced an
acquisition of shares by Terry Grammer, the Company's Chairman.
Highlights:
-- Chairman Terry Grammer to personally invest GBP240,000 through the issue of 30,000,000 ordinary shares in Metal
Tiger at 0.8p per share, raising GBP240,000 for the Company;
-- Placing price set at the Metal Tiger mid-market price of 0.8p at the time the transaction was agreed;
-- Terry Grammer to receive 30,000,000 warrants to subscribe for 30,000,000 new ordinary shares in Metal Tiger at an
exercise price of 1.60p per warrant, within an 18 month exercise period (i.e. one warrant at 1.60p for each
ordinary share purchased at 0.80p); and
-- As with all placings undertaken during 2015, the additional money will be used to accelerate activities.
Cameron Parry, Metal Tiger CEO commented: "Metal Tiger is
delighted to make this announcement which sees our Company Chairman
investing in the Company and becoming the largest single
shareholder with 30m shares or circa 8% for GBP240,000
invested.
In the current resource market climate the magnitude of Terry's
investment will be noted by investors who currently hold shares and
those monitoring Metal Tiger.
As a Company over the last 18 months we have set our stall out
in the resources sector in readiness for the inevitable recovery.
We have been fortunate that through trading gains and financings we
have been able to acquire a trio of strategic resource project
interests in Botswana, Spain and Thailand, each of which have
tremendous upside potential.
Terry has a history of involvement with companies that have
multiplied early investors capital many fold. His direct
involvement in the identification of all three Metal Tiger
strategic interests, followed by this substantial investment in the
Company, is something we trust will give investors justifiable
confidence in the Company's direction."
Placing and Subscription Summary
Metal Tiger has agreed a placing with the Company's Chairman
Terry Grammer on 11 December 2015 to raise GBP240,000 gross
proceeds through the issue of 30,000,000 Metal Tiger new ordinary
shares at price per share of 0.8p (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 1.60p at any time within the 18 months following admission
to trading of the Placing Shares (a total of 30,000,000
warrants).
Under the AIM Rules, Terry Grammer, as Chairman of the Company,
is deemed to be a Related Party of the Company. Accordingly, the
issue of the Placing Shares and accompanying warrants constitutes a
related party transaction. Where a company whose shares are quoted
on AIM enters into such a transaction, the requirement is for those
directors of the company who are independent of the transaction to
consider, after consultation with the company's nominated adviser,
whether the terms of the transaction are fair and reasonable
insofar as the company's shareholders are concerned.
The indepenent directors (being all of the Directors of the
Company except Terry Grammar) consider, having consulted with the
Company's Nominated Adviser, SPARK Advisory Partners Limited, that
the terms of the transaction with Terry Grammer are fair and
reasonable in so far as the Company's shareholders are
concerned.
The Placing Shares are expected to be admitted to trading on or
around 22(nd) December 2015. Following the issue of the total
Placing Shares, the number of ordinary shares in issue in the
Company will increase to 374,625,795. 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 374,625,795 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:
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 Projects and
Direct Equities.
The Direct Projects division invests in mineral exploration
projects operated by trusted partners on the ground. Projects are
selected for their strategic significance in terms of commodity,
geology, location and commerciality factors. Key strategic
investments to date include Spanish Gold & Tungsten, Thai Gold,
Copper & Antimony, and Botswanan Copper & Silver.
The Direct Equities division invests in quoted natural resource
explorers and developers, with a combination of shares and warrants
and seeks to generate trading profits for reinvestment into the
Direct Projects division.
Metal Tiger's target is to deliver a very 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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December 14, 2015 06:16 ET (11:16 GMT)
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