TIDMMTR
Friday, 31 August, 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Metal Tiger Fundraising closes on GBP6.2 million, including
GBP2.6 million from the Sprott Offering
Metal Tiger (LON:MTR), the natural resources investing company,
is pleased to announce that, further to the announcement on 6
August 2018, the Sprott Offering has closed oversubscribed, raising
gross proceeds for the Company of approximately GBP2.6 million.
In aggregate, the Company has raised total gross proceeds of
GBP6.132 million from the Sprott Offering and the Placing announced
on 6 August 2018 (together, the "Fundraising"). This represents the
largest fundraise by the Company to date.
The proceeds of the Fundraising will be used to fund Metal
Tiger's portion of its commitment to 2018 budget for its Joint
Venture project with partners MOD Resources Limited (ASX:MOD)
("MOD") in the Kalahari Copper Belt in Botswana (30% Metal Tiger /
70% MOD Resources), for its commitment to its recently acquired
Joint Venture with Kalahari Metals Limited ("KML") in the same
region, as well as for working capital and general corporate
purposes.
Highlights of the Sprott Offering:
-- Issue of 93,425,714 new ordinary shares in Metal Tiger at a
subscription price of 2.8p per ordinary share (the "Placing
Shares")
raising gross proceeds of GBP2,615,920;
-- Issue of 93,425,714 warrants to subscribe for 93,425,714 new ordinary
shares in Metal Tiger at an exercise price of 5p per warrant,
within a
3 year exercise period ("Warrants");
-- 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;
and
-- Sprott Capital Partners, a division of Sprott Private Wealth LP and
Sprott Global Resource Investments, Ltd. were engaged as finders
to
Metal Tiger in the Sprott Offering.
In addition, the Company has accepted a further subscription for
new shares from a London based investor of GBP15,000 on the same
terms as the Placing ("Further Subscription").
The 93,425,714 new ordinary shares to be issued pursuant to the
Sprott Placing and the Further Subscription are expected to be
admitted to trading on AIM on or around 6 September 2018.
Exploration Capital Partners has participated for 37,395,942 new
ordinary shares bringing its total holding post issue to
137,395,942 ordinary shares representing circa 10.18% of the issued
share capital of the Company.
Following the issue of the new ordinary shares, the number of
ordinary shares in issue in the Company will increase to
1,349,956,065. 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 1,349,956,065 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.
Unless otherwise defined, all capitalised terms in this
announcement have the meaning given to them in the announcement
made by the Company on 6 August 2018.
Michael McNeilly Chief Executive Officer of Metal Tiger
commented:
"The Board and I are extremely pleased to have raised an
additional GBP2.6m from the Sprott Offering raising more than
double the minimum commitment from Sprott. This brings the total
amount raised on the same terms to circa GBP6.13m. This fundraise
is the single largest investment in Metal Tiger to date and was
done at a price which was significantly higher than MTR's average
price over the course of 2018.
The continued institutional support along with the support from
London means that Metal Tiger is now exceptionally well positioned
to advance its many investments, in particular, its Joint Venture
with MOD Resources and its investment Kalahari Metals. We believe
that there is significant upside in exploration in the Kalahari
Copperbelt and we believe MTR is uniquely positioned to benefit
from any future exploration success"
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)
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 base, precious and strategic
metals focus. The Company's target is to deliver a high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector. The Company's key strategic objective is to ensure the
distribution to shareholders of major returns achieved from
disposals. Metal Tiger has two investment divisions, Direct
Equities and Direct Projects. The Direct Equities division invests
in undervalued natural resource companies listed on London's AIM,
the ASX and the TSX. Through the trading of equities and warrants,
Metal Tiger seeks to generate cash for investment in the Metal
Projects division. Metal Tiger's Direct 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
actively assesses new investment opportunities on an ongoing basis
and has access to a diverse pipeline of new opportunities in the
natural resources and mining sector. For pipeline opportunities
deemed sufficiently attractive, Metal Tiger may invest in the
project or entity by buying publicly listed shares, by financing
privately and/or by entering into a joint venture.
The securities described in this announcement 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/20180830005928/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
August 31, 2018 02:00 ET (06:00 GMT)
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