MTR Metal Tiger Plc

 
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/

 
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(END) Dow Jones Newswires

March 07, 2017 02:24 ET (07:24 GMT)