TIDMMTR
Metal Tiger Plc
("Metal Tiger" or the "Company")
Sprott Private Placement Closes raising GBP4.85m
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
announce that, further to the announcements on 29 March and 18
April 2017, it has closed its private placement offering, run by
Sprott Capital Partners ("Sprott"), raising a total of GBP4,390,000
through Sprott and a further GBP460,000 through a placing and
subscription of shares in the Company.
This represents the largest fundraise by the Company to
date.
Highlights:
-- Placing of 161,666,666 new ordinary shares in Metal Tiger at a placing
price of 3p per ordinary share (the "Placing Shares") raising
gross
proceeds of GBP4,850,000.
-- Issue of 161,666,666 warrants to subscribe for 1,666,666 new ordinary
shares in Metal Tiger at an exercise price of 6p per warrant,
within a
5 year exercise period.
-- Sprott to receive 4,850,000 Finder Warrants equal to3.0% of shares
issued under the Placing. Each Finder Warrant permits the
purchase of
one Warrant Share for five years from the Closing Date at a
price of
GBP0.03 per unit. Upon exercise of a Finder Warrant, Sprott will
be
entitled on a 1 for 1 basis to a 6p warrant with a 5 year
validity. In
the event that Sprott exercised all of its 3p warrants it would
be
entitled to a further 4,850,000 warrants at 6p with a 5 year
validity.
-- Placing taken place at a circa 9% premium to the previous day closing
price.
-- Placing includes UK and international investors, with GBP460,000 coming
from the UK with the international funds coming primarily
from
institutional investors.
-- Largest fund raise to date for Metal Tiger providing funds for the
Company to advance its interests across its mining portfolio of
assets
in particular T3 in Botswana where Metal Tiger has a JV with
MOD
Resources, and an economic interest of 30% in the T3
project.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"This is a significant moment for the Company raising GBP4.85m
with the majority coming from institutional investors. The level of
institutional support has been extremely satisfying and is
demonstrable of the maturity and evolving nature of the business
since the beginning of the financial year.
Metal Tiger is now well positioned to advance its main direct
project interests, in particular matching its important 30%
contribution toward the JV in Botswana both in regards to further
exploration and to the T3 project as it moves up the development
curve through PFS, DFS and ultimately to a decision to mine. This
raise also gives Metal Tiger greater comfort with regard to the
spin out of its Thai assets.
On behalf of the Board I thank all our existing and new
shareholders for their support and we look forward to updating them
further as we deliver material value."
The Placing Shares are expected to be admitted to trading on or
around 27 April 2017. Following the issue of the 161,666,666
Placing Shares, the number of ordinary shares in issue in the
Company will increase to 955,541,843 ordinary shares with one
voting right each. 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 955,541,843 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:
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/20170420006733/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
April 21, 2017 02:46 ET (06:46 GMT)
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