TIDMMTR
Metal Tiger Plc
("Metal Tiger" or the "Company")
Thai JV Spinout and Update on Thai Minerals Act
Metal Tiger Plc , the London Stock Exchange AIM listed investor
in strategic natural resource opportunities, is pleased to advise
that the Company has completed a successful pre-IPO private placing
with High Net Worth and Sophisticated Investors for KEMCO Mining
PLC ("KEMCO"), which will be the listing vehicle for the Company's
Thai JV.
Highlights:
-- Placing of 514,500 fully paid Warrants to subscribe for one ordinary
share each in KEMCO upon successful admission to AIM, at a
20%
discount to the admission price, raising gross proceeds of
GBP514,500
-- Contingent upon successful admission to AIM, a further warrant to
subscribe for ordinary shares in KEMCO at a 50% premium to
the
admission price within a 24 month exercise period. These
further
warrants are to be issued on a one for one basis by reference to
the
number of KEMCO shares issued as a result of the placing
warrants
-- Should the admission of KEMCO not occur by 13 October 2017, the
warrants will automatically convert into Metal Tiger shares
by
reference to the 15 day VWAP following this date, less 20%
-- Should MTR announce via RNS that the IPO of KEMCO will no longer
occur, the warrants will automatically convert into MTR shares
by
reference to the 15 day VWAP following the date of the
announcement,
less 20%
-- Participation of both MTR Directors and prospective KEMCO directors,
along with employees of both companies totalled GBP67,000 (MTR
Directors
participated for GBP35,000)
-- Strong support from existing MTR shareholders
-- Proceeds to be used to fund IPO costs and for ongoing working capital
of Thai operations
Separate to the pre-IPO fund raise, since 1st January 2017 to
date, Metal Tiger has provided funding of approximately GBP590,000
to the Thai JV to cover working capital and advisers' costs. Metal
Tiger will likely contribute further moderate sums to support the
Thai operations between now and completion of the Kemco Mining
IPO.
Thai Minerals Act
Metal Tiger PLC is also pleased to announce that the new
Minerals Act has been signed by the King of Thailand and will be in
force on 30 August 2017. The signing of the draft and its
subsequent implementation has come quicker than we had previously
anticipated, removing a key element of timetable uncertainty in the
permitting process. We are pleased that our Thai partners will be
in a position to make submissions to the relevant authorities at an
earlier date and have full confidence that they will make the
strongest possible case for the permitting of both Boh-Yai and
Song-Toh historical mines.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented: "We are delighted to have closed this pre-IPO funding
round for KEMCO which has received strong support from existing MTR
shareholders and the directors and employees of both companies.
This demonstrates a confidence in the quality of our Thai JV assets
and their potential as a standalone entity and creates a solid
foundation for the IPO.
We are also very pleased the new Minerals Act has been signed
ahead of expectations. This demonstrates the Thai Governments long
term commitment to the extractive industry. We look forward to
continuing to work closely with our Thai JV partners to make the
IPO a success."
Metal Tiger Directors Investment
Name Amount Invested Warrants Received
Charles Hall GBP25,000 25,000
Michael McNeilly GBP5,000 5,000
Geoff McIntyre GBP5,000 5,000
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly(Chief Tel: +44(0)20 7099 0738
Executive Officer)
Keith Springall (Finance Tel: +44 (0)207099 0738
Director
& Company Secretary)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)
Neil Baldwin Limited 2033 683 555
(Nominated Adviser)
www.sparkadvisorypartners.com
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
Andy Thacker (Joint Broker)
Andrew Monk VSA Capital Limited Tel: +44 (0)20 3005 5000
Andrew Raca (Joint Broker)
Gordon Poole Camarco Tel: +44 (0)203 757 4980
James Crothers (Financial PR)
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 AIM or NEX Exchange (formerly ISDX) partner
with whom the Company is engaged.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170306006498/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 07, 2017 02:24 ET (07:24 GMT)
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