TIDMMTR
23 January 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Strategic Investment & Agreement - Thor Mining
Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
announce a strategic financing and agreement has been secured with
Thor Mining plc (LON/ASX:THR "Thor"). Thor has a highly prospective
and exciting portfolio of exploration and development projects
across tungsten, copper and lithium.
Highlights:
-- Metal Tiger to invest GBP300,000 in Thor through a subscription for
10,000,000 new ordinary shares at 3p per share and at a 20%
premium to
the previous day's closing share price of Thor on AIM (2.5p on
22
January 2018);
-- Money raised will be applied to the advancement of key Thor projects
including Molyhil, Pilot Mountain and Kapunda Copper;
-- For each subscription share Metal Tiger will also receive one warrant
to subscribe for one new ordinary share in Thor at 5p per share
with a
two-year maximum exercise life;
-- Should the share price of Thor exceed a 14p volume weighted average
price for 5 consecutive business days, Thor may, at its sole
discretion, seek accelerated conversion of the warrants secured
by
Metal Tiger. In the event that Metal Tiger does not convert
upon
receipt of this request, Metal Tiger would forfeit its rights to
the
warrants;
-- Metal Tiger, reflective of the premium price paid for Thor stock, will
receive a 90 day right of first refusal to participate in any
new
joint venture, acquisition or similar transaction undertaken by
Thor
during this period;
-- The right of first refusal shall not automatically include any current
discussions or negotiations with third parties in relation to
existing
Thor projects held or projects already under review, however
Thor may
extend an invitation to Metal Tiger to participate should this
be
considered appropriate to all parties.
Following this issuance, Metal Tiger will be interested in
61,350,000 ordinary shares of Thor which following admission to
trading will represent 9.94% of the issued share capital of
Thor.
For the year end 30 June 2017 Thor Mining plc reported an
audited net loss of GBP1,283,000 and as at 30 June 2017 had audited
net assets of GBP9,910,000.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented:
"Metal Tiger is a financially robust and proactive natural
resource investing business looking for new opportunities to deploy
capital into companies and projects with considerable upside
potential. We are delighted to increase our position through this
strategic financing.
We consider the size, potential and scalability of Thor's key
projects to be of significant interest and that the current
valuation placed on Thor offers considerable upside potential for
investors.
We look forward to working with Thor to assess commercialisation
opportunities.
Metal Tiger remains highly engaged on its current key projects
in Botswana and Thailand and will continue to innovate on the
investing arm to bolster its balance sheet with a view to minimise
dilution for investors as it funds its 30% joint venture interest
in Botswana and covers minimal monthly costs in Thailand whilst
progress is awaited on key regulatory matters."
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)20 7099 0738
Director
& Company Secretary)
Stephen Allen or RFC Ambrian Ltd Tel +44 (0)20 3440 6800
Bhavesh Patel (Nominated
Adviser)
Jonathan Williams RFC Ambrian Ltd Tel +44 (0)20 3440 6800
(Joint Broker)
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
(Joint Broker)
Gordon Poole Camarco Tel: +44 (0)20 3757 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,
the Company has tungsten and gold interests in the
highly-mineralised Extremadura region. In Thailand, Metal Tiger has
interests in two potentially near-production stage silver/lead/zinc
mines as well as 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/20180123005812/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
January 23, 2018 07:02 ET (12:02 GMT)
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