TIDMMTR
Not for distribution to United States newswire services or
dissemination in the United States
Metal Tiger Plc
("Metal Tiger" or the "Company")
Placing of GBP3.45 million and minimum offering of approximately
GBP1.15 million to clients and affiliates of the Sprott Group of
Companies
Metal Tiger (LON: MTR), the natural resources investing company,
is pleased to announce a placing (the "Placing") with UK
institutional and high net worth investors at a price of 2.8p per
share to raise gross proceeds for the company of circa GBP3.45
million.
The Company is further pleased to announce that it will complete
a non-brokered private placement with certain affiliates and
clients of the Sprott Group of Companies ("Sprott") for a minimum
of GBP1.148 million (the "Sprott Offering"), on the same terms as
the Placing.
The gross proceeds of the Placing and the Sprott Offering
(together, the "Fundraising") will total a minimum gross proceeds
of GBP4.6m, and will be used to fund Metal Tiger's portion of its
commitment to its Joint Venture project with partners MOD Resources
Limited (ASX:MOD) in the Kalahari Copper Belt in Botswana (30%
Metal Tiger / 70% MOD Resources), to finance possible further
investment in Kalahari Metals Limited ("KML") in the same region,
as well as for working capital and general corporate purposes.
Shareholders should note that the Sprott Offering is conditional
on certain conditions being met before the closing date of 31
August 2018 (the "Closing Date"). If these conditions are not met
by the Closing Date, the Sprott Offering may not occur and Metal
Tiger may not raise the minimum GBP1.148 million. The Closing Date
for the Sprott Offering may be changed upon the mutual agreement of
Sprott and Metal Tiger.
Highlights of the Placing:
-- Placing of 123,216,595 new ordinary shares in Metal Tiger at a placing
price of 2.8p per ordinary share (the "Placing Shares")
raising
gross proceeds of approximately GBP3.45 million.
-- Issue of 123,216,595 warrants to subscribe for 123,216,595 new
ordinary shares in Metal Tiger at an exercise price of 5p per
warrant,
within a 3year exercise period from the date of admission of
the
shares to trading ("Warrants").
-- Placing taken place at a circa 17% discount to the previous day
closing price.
-- Placing undertaken with new and existing Metal Tiger shareholders.
-- Funding to augment existing underlying working capital underpinning
the Company's joint ventures in its Metal Projects division,
with a
specific focus on the Company's Botswanan exploration
projects.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"We are very pleased with the level of support from both UK and
international investors in this fundraising.Sprott continue to
support Metal Tiger, which is demonstrable of their belief in the
Company and its investments. For investors wanting exposure to the
highly prospective Kalahari copper belt in Botswana, Metal Tiger
offers a unique way of gaining de-risked exposure in early and
later stage development projects. This investment will allow the
Company to further cement its position on the belt as we continue
to deliver value to our shareholders.
I would like to thank all those existing and new investors who
participated and we look forward to continuing to execute our
strategy of investing in exciting companies and projects where
significant value exists for our shareholders."
Terms of the Sprott Offering:
-- Issue of 41,000,000 new shares of the Company at a fixed price of 2.8p
per share
-- Issue of 41,000,000 warrants to subscribe for 41,000,000 new ordinary
shares in Metal Tiger at an exercise price of 5p per warrant,
within a
3 year exercise period
-- Metal Tiger may at its discretion, should the Sprott Offering be
oversubscribed, elect to accept a larger fundraise than
GBP1,148,000
-- The closing date of the Sprott Offering is expected to be on or around
the 31 August 2018 and will be subject to certain conditions
highlighted below (the "Closing Conditions")
-- The Sprott Offering will be completed to accredited investors (as
defined in National Instrument 45-106 Prospectus Exemptions)
in
all provinces of Canada, to accredited investors (as defined
in
section 501(a) of Regulation D in the United States) pursuant to
an
exemption from the registration requirements of Regulation D of
the
United States Securities Act of 1933, as amended (the "1933
Act"),
and, with the consent of the Company, to suitable investors in
other
eligible foreign jurisdictions (other than Canada and the
United
States) pursuant to applicable private placement exemptions
under
applicable securities laws in such jurisdictions; provided that
no
prospectus, registration statement or similar document is
required to
be filed in such jurisdiction and the Company does not become
subject
to continuous disclosure obligations in such jurisdiction
-- The Offering is contingent upon the Closing Conditions being
satisfactory results of corporate due diligence on Metal
Tiger
including favourable legal opinions of counsel to Metal Tiger
in
connection with corporate, securities and title matters
(including a
title opinion in respect of Metal Tiger's material mineral
properties
on which the proceeds of the Offering are planned to be
expended) as
well as the execution of a Finder's Agreement between the
Company and
certain affiliates of Sprott. The Offering will also be
conditional
upon regulatory and AIM approvals
A total of 123,216,595 Placing Shares are expected to be
admitted to trading on or around 13 August 2018.
Following the issue of the Placing Shares, the number of
ordinary shares in issue in the Company will increase to
1,254,173,209. 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 1,254,173,209 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 Executive Officer Tel: +44 (0)20 7099 0738
(Metal Tiger plc)
Mark Potter Chief Investment Officer Tel: +44 (0)20 7099 0738
(Metal Tiger plc)
Stephen Allen RFC Ambrian Ltd Tel: +44 (0)20 3440 6800
Bhavesh Patel (Nominated Adviser)
Charlie Cryer 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)
Monique Perks
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.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States of America. The securities have not been and will not be
registered under the United States Securities Act of 1933 (the
"1933 Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons (as defined in the
1933 Act) unless registered under the 1933 Act and applicable state
securities laws, or an exemption from such registration is
available.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180805005031/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
August 06, 2018 02:00 ET (06:00 GMT)
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