Metal Tiger PLC Financing Update (9191M)
January 25 2016 - 10:31AM
UK Regulatory
TIDMMTR
RNS Number : 9191M
Metal Tiger PLC
25 January 2016
Metal Tiger Plc
25 January 2016
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 GBP321,000 through
a strategic placing and subscription of shares in the Company.
Highlights:
-- Placing and subscription of 40,125,000 new ordinary shares in Metal Tiger at a subscription price of 0.80p per
ordinary share raising gross proceeds of GBP321,000;
-- Placing and subscription undertaken around the market mid-price of Metal Tiger at the point the Company agreed
the transaction;
-- Issue of 40,125,000 warrants to subscribe for 40,125,000 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);
-- Placing undertaken with high net worth investors including primarily existing holders of Company stock;
-- Funding to augment existing underlying working capital for strategic project development.
Cameron Parry, Metal Tiger CEO commented: "It is pleasing to
once again demonstrate Metal Tiger's ability to attract funding
around its mid-market price; against a market landscape of heavily
discounted placings by many other companies in the resources
sector, this is a significant achievement.
Metal Tiger has targeted specific core direct projects for
precious and strategic metals in three key jurisdictions (Thailand,
Botswana and Spain) with, we believe, excellent joint venture
partners, that have either now crystallised or may crystallise at
any time.
With this foundation, Metal Tiger is delighted to be able to
start the new year in a position of what the Board considers to be
such high potential. We are grateful to the continued support of
our shareholders and we look forward to reporting on progress by
the Company again soon and regularly throughout 2016."
Placing and Subscription Summary
Metal Tiger has agreed a placing and subscription to raise
GBP321,000 gross proceeds through the issue of 40,125,000 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 40,125,000
warrants).
Of the Placing Shares 8,750,000 shares are expected to be
admitted to trading on or around 28(th) January 2016 and 31,375,000
shares are expected to be admitted to trading on or around 15(th)
February 2016. Following the issue of the total Placing Shares, the
number of ordinary shares in issue in the Company will increase to
414,750,795. 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
414,750,795 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,
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 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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