Metal Tiger plc Statement re: MOD Resources Limited, Share Placement
March 17 2017 - 7:47AM
UK Regulatory
TIDMMTR
Metal Tiger Plc
17 March 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Statement re: MOD Resources Limited, Share Placement.
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed
investor in strategic natural resource opportunities notes the
announcement made by MOD Resources Limited (ASX:MOD) on 17th March
2017. The announcement highlights are:
-- $14.6M raised in share placement to institutions, professional and
sophisticated investors (before costs)
-- Placement was heavily oversubscribed
-- A range of quality institutional investors join MOD's share register
Metal Tiger holds 81,102,302 MOD shares, equivalent to 4.975% of
MOD's issued share capital and 1,541,667 MOD warrants at an
exercise price of 6 cents (Australian).
Funds raised from the Placement will primarily be used towards a
substantial CY17 exploration program, which aims to extend the T3
open pit to the east and west and at depth, the T3 dome, and to
test other targets in the T3 area and regionally.
The Board is extremely pleased to see such high calibre
institutions support our growth strategy by participating in this
placement. We look forward to an exciting period of exploration and
project development in this highly prospective region."
Michael McNeilly, Chief Executive Officer said, "We're very
pleased by the news today from MOD. This financing further
validates the exceptional quality of the Botswana project and we
are delighted that this raise will further accelerate the joint
venture work program on the ground.We look forward to continuing
our work with MOD on further exploration of the T3 copper project.
"
The full text of the MOD Resources announcement of can be seen
in the notes to editors or downloaded from the MOD Resources
website here: http://www.modresources.com.au/asx-announcements
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.
MOD Resources Ltd announcement
MOD Raises $14.6 Million in Oversubscribed Share Placement
-- $14.6M raised in share placement to institutions, professional and
sophisticated investors (before costs)
-- Placement was heavily oversubscribed
-- A range of quality institutional investors join MOD's share register
MOD Resources Ltd (ASX: MOD) has welcomed a number of
institutional investors onto its share register as a result of a
A$14.6 million oversubscribed share placement (the Placement).
MOD is actively exploring for sediment-hosted deposits in the
Kalahari Copper Belt in Botswana with AIM-listed joint venture
partner Metal Tiger Plc (30%).
Funds raised from the Placement will primarily be used towards a
substantial CY17 exploration program, which aims to extend the T3
open pit to the east and west and at depth, the T3 dome, and to
test other targets in the T3 area and regionally.
MOD is also progressing a pre-feasibility study (PFS) for an
open pit mine at the potentially expanded T3 project, including
baseline environmental studies and commencement of early stage
permitting activities.
The Placement, which remains subject to the clearance of funds,
involved receiving firm commitments from sophisticated and
institutional investors for 235.42 million fully paid ordinary
shares at $0.062 per share to raise $14.6 million before costs. The
Placement was done using the Company's existing placement capacity
and the offer price represented a discount of approximately 2.2% to
the 15-day VWAP. Blue Ocean Equities acted as the Lead Manager to
the Placement. MOD has had significant exploration success in 2017
with the discovery of multiple substantial copper zones below the
existing T3 resource. On 6 March 2017, MOD announced an
intersection of 72.6m @ 1.5% Cu and 27g/t Ag, which included 18m @
2.7% Cu and 52g/t Ag below T3. MOD's Chairman, Mr Mark Clements
commented "The Board is extremely pleased to see such high calibre
institutions support our growth strategy by participating in this
placement. We look forward to an exciting period of exploration and
project development in this highly prospective region."
-ENDS
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170317005270/en/
This information is provided by Business Wire
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March 17, 2017 07:47 ET (11:47 GMT)
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