METAL TIGER PLC: Cobre Completion of Acquisition of remaining 20% of Toucan
May 13 2020 - 2:03AM
UK Regulatory
TIDMMTR
13 May 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Cobre: Completion of Acquisition of remaining 20% of Toucan
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to announce
that, further to its announcement of 28 April 2020, Cobre Limited
(ASX: CBE) ("Cobre") has today announced that it has completed the
acquisition of the remaining 20% of shares in Toucan Gold Pty Ltd
("Toucan"), which is now 100% owned by Cobre. Accordingly, as part
consideration for the remaining Toucan shares acquired, Cobre has
now issued a total of 6,160,000 new Cobre shares to the
vendors.
Further details on the acquisition be found here:
https://www.asx.com.au/asxpdf/20200513/pdf/44hsg96lzr7h96.pdf
The MTR Investment
As previously announced on 28 April 2020, Metal Tiger has
conditionally agreed to invest a further A$310,000, at Cobre's IPO
price of A$0.20 per share, which will result in the issue of
1,550,000 new Cobre Shares to Metal Tiger (the "MTR Investment").
As Metal Tiger is a substantial shareholder in Cobre and has Board
representation, the completion of the MTR Investment requires the
approval of Cobre shareholders, with such approval to be sought at
the Cobre's Annual General Meeting, to be held later this year.
Should shareholders approve the MTR Investment, Metal Tiger will be
interested in 20,900,000 Cobre Shares, which, assuming no further
shares are issued by Cobre, would result in Metal Tiger maintaining
its 19.99% interest in the company.
[Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented:
"This is an important step in the further development of the
Perrinvale Copper Project. With complete control over the asset,
Cobre can now progress the project in a manner of its own choosing
at a pace which will prove exciting for shareholders. We look
forward to further updates from Cobre and from Perrinvale."
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited Tel +44 (0)20 7409 3494
James Dance (Nominated Adviser)
Jack Botros
Paul Shackleton Arden Partners plc Tel: +44 (0)20 7614 5900
Steve Douglas (Broker)
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Hugo Liddy
Notes to Editors:
Metal Tiger plc is admitted to the AIM market of 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. Metal Tiger has two investment divisions: Direct Equities
and Direct Projects.
The Direct Equities Division invests in undervalued natural
resource companies. The majority of its investments are listed on
AIM, the TSX and the ASX, which includes its 3.64% interest in
Sandfire Resources Limited (ASX: SFR). The Company also considers
selective opportunities to invest in private natural resource
companies, typically where there is an identifiable path to IPO.
Through the trading of equities and warrants, Metal Tiger seeks to
generate cash for investment in the Direct Projects Division.
The Direct Projects Division is focused on the development of
its key project interests in Botswana, where Metal Tiger has a
growing interest in the large and highly prospective Kalahari
copper/silver belt through its interest in Kalahari Metals
Limited.
The Company actively assesses new investment opportunities on an
on-going basis and has access to a diverse pipeline of new
opportunities in the natural resources and mining sectors. 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200512006004/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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