TIDMMTR
Metal Tiger Plc
("Metal Tiger" or the "Company")
Strategic Financing Update - GBP1.1 million raised
Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
advise that the Company has raised GBP1,100,000 through a strategic
placing and subscription of shares in the Company.
Highlights:
-- Placing and subscription of 28,571,428 new ordinary shares in Metal
Tiger at a subscription price of 3.85p per ordinary share
raising
gross proceeds of GBP1,100,000;
-- Issue of 28,571,428 warrants to subscribe for 28,571,428 new ordinary
shares in Metal Tiger at an exercise price of 7.70p per
warrant,
within a 12 month exercise period (i.e. one warrant at 7.70p for
each
ordinary share purchased at 3.85p);
-- Placing undertaken with high net worth investors, with several
existing investors and also new holders of Company stock;
and
-- Funding to augment existing underlying working capital for strategic
project developments in Spain & Thailand and notably to
support an
acceleration and expansion of the Company's Botswanan
investing
activities.
Paul Johnson Chief Executive Officer of Metal Tiger plc
commented "I am pleased to provide this financing update to
shareholders and the wider market. Metal Tiger has now demonstrated
on two occasions in 2016 an ability to raise GBP1million-plus at or
around the market price at the time the placing was agreed. This is
testament to the strength of the Company's growing support, the
hard work of the team and the dedication of our brokers SI Capital.
Of most significance however is the commitment and financing
capability of the placees who have supported this strategic
financing exercise.
Metal Tiger is in a highly robust working capital position.
Prior to the placing the Company had working capital of cash and
tradable equities & warrants exceeding GBP4million. This
placing of GBP1.1million adds material additional working capital
at a significant point in the Company's development. Metal Tiger is
expanding our investing activities at pace and the additional cash
resources provide the Company with the enhanced firepower to
accelerate activities in a confident and proactive manner. Cash is
the lifeblood of a Company such as Metal Tiger, and the
demonstrable ability to raise properly priced additional finance
sends a vital message to the market and to those with whom we
engage as we seek to grow our business.
The additional cash raised specifically enables the Company to
push forward with an expansion of our investing activities in
Botswana where with Joint Venture partners MOD Resources, we are
working to accelerate drilling, delineate a maiden resource at T3
and build our knowledge of the wider regional mineralisation across
multiple targets within the Joint Venture licence areas as
exemplified by the recent discovery of copper mineralisation at
T2.
Metal Tiger continues to strengthen and we anticipate a series
of news flow in the coming days and weeks from across our
business."
Placing and Subscription Summary
Metal Tiger has agreed a placing and subscription to raise
GBP1,100,000 gross proceeds through the issue of 28,571,428 new
ordinary shares in Metal Tiger at a price of 3.85p per share (the
"Placing Shares").
Each Placing Share issued has an accompanying warrant to
subscribe for an additional new ordinary share at a price of 7.70p
in Metal Tiger at any time within the 12 month following admission
to trading of the Placing Shares (a total of 28,571,428
warrants).
The Placing Shares are expected to be admitted to trading on or
around 1 September 2016. Following the issue of the total Placing
Shares, the number of ordinary shares in issue in the Company will
increase to 600,594,647 shares. 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 600,594,647 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:
Paul Johnson (Chief Tel: +44 (0)7766 465 617
Executive Officer)
Terry Grammer (Non- Tel: +44 (0)207 099 0738
Executive
Chairman)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)
Neil Baldwin Limited 2033 683 555
Nick Emerson (Nominated Adviser)
Andy Thacker SI Capital www.sparkadvisorypartners.com
(Sole Broker) Tel: +44 (0)
1483 413 500
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM
Market ("AIM") with the trading code MTR and invests in high
potential mineral projects with a precious and strategic metals
focus.
The Company'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. The Company's key strategic
objective is to ensure the distribution to shareholders of major
returns achieved from disposals.
Metal Tiger's Metal Projects Division is focused on the
development of its key project interests in Botswana, Spain and
Thailand. In Botswana Metal Tiger has a growing interest in the
large and highly prospective Kalahari copper/silver belt. In Spain
Metal Tiger the Company has tungsten and gold interests in the
highly mineralised Extremadura region. In Thailand Metal Tiger has
expanding interests over licences, applications and critical
historical data covering antimony, copper, gold, silver, lead and
zinc opportunities.
The Company has access to a diverse pipeline of new
opportunities focused on the natural resource sector including
physical resource projects, new natural resource centred
technologies and resource sector related fintech opportunities.
Pipeline projects deemed commercially viable may be undertaken by
Metal Tiger or by an ISDX or AIM partner with whom the Company is
engaged.
Metal Tiger also has an Asset Trading Division that holds
various financial instruments for trading purposes including
equities, warrants and royalty income. The aim of the division is
to generate profits to reinvest into the Company's project based
activities.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160817005400/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
August 17, 2016 05:39 ET (09:39 GMT)
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Sep 2023 to Sep 2024