TIDMMTR
13 July 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Pan Asia Metals -- Planned IPO and Corporate Update
Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to provide
an update in respect of Pan Asia Metals Ltd ("PAM"). PAM is a
privately owned, South East Asian focused metals exploration and
development company, with a focus on lithium and tungsten, in which
Metal Tiger currently has a 7.29%.
Highlights
-- PAM initial public offering ("IPO") prospectus lodged with the Australian
Securities and Investment Commission ("ASIC"), following in-principal
approval received from the Australian Securities Exchange ("ASX") on 8
July 2020.
-- Indicative IPO timetable established, with anticipated listing date set
for late September 2020.
-- Metal Tiger intending to participate in the IPO offering.
-- Special Prospecting Licence TSPL1/2563, for the Khao Soon Tungsten
Project, granted to PAM by Thailand Department of Primary Industry and
Mines ("DPIM"). Application TSPLA1/2562, is progressing and is currently
expected to be awarded to PAM before completion of the IPO.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are pleased to report that PAM has now lodged its prospectus
for an IPO on the ASX. With lead brokers appointed, it is
anticipated that PAM's IPO will complete in late September
2020.
"Following an early and effective governmental response to the
COVID-19 pandemic, business in Thailand is returning to normal, the
Khao Soon Tungsten Project Special Prospecting Licence TSPL1/2563
has now been granted and PAM is actively progressing both office
and field based exploration activities.
"We look forward to supporting PAM as it continues to progress
the IPO and will announce further updates as appropriate ."
PAM IPO
The Company is pleased to announce that PAM has lodged its IPO
prospectus with ASIC following in-principal approval received from
the ASX on 8 July 2020. PAM has engaged Baker Young and Maqro
Capital as Co-lead Managers of the IPO. An indicative timetable for
the IPO process has been published, targeting a listing date in
late September 2020. Metal Tiger currently intends to participate
in the IPO offering.
Khao Soon Tungsten Project -- TSPL1/2563 Special Prospecting
Licence Granted
Special Prospecting Licence TSPL1/2563, covering the western
part of the Khao Soon Tungsten Project ("KSTP") area, has now been
granted to PAM by the DPIM. A second licence for the north and
eastern part of the project area (TSPLA1/2562) is currently
progressing through the application process and PAM expects to
receive this licence before completion of the IPO.
The TSPL1/2563 licence area contains the Target 2 tungsten
prospect, which PAM categorises as a high priority drill target
based on PAM's recent induced polarisation ("IP") geophysics
programme. Target 2 consists of a strong tungsten in soil anomaly
with proximal tungsten mineralisation in laterite. Shallow air-core
scout drilling has confirmed local tungsten mineralisation in
bedrock confirming the high priority status. The licence area also
contains several other tungsten prospects.
Subject to funding, PAM is currently preparing to drill at
Target 2 with the aim of commencing drilling around the time of its
IPO.
Further information on PAM
PAM is a private Singapore registered specialty metals
exploration and development company focused on the exploration and
development of specialty and base metal projects in South East
Asia's tin tungsten belt. PAM has four wholly owned projects: Reung
Kiet Lithium Project ("RKLP"); KSTP, Bang Now Lithium Project
("BNLP"); and the Minter Tungsten Project ("MTP"). RKLP, KSTP and
BNLP are located in southern Thailand, whilst MTP is located in the
Lachlan Fold Belt, NSW, Australia.
Metal Tiger currently holds 7,627,447 ordinary shares in PAM,
representing 7.29% of PAM's issued share capital.
For more information on PAM please visit their website
www.panasiametals.com.
For further information on the Company, visit:
www.metaltigerplc.com
Enquiries:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited (Nominated Tel +44 (0)20 7409 3494
James Dance Adviser)
Jack Botros
Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Steve Douglas
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: Equity
Investments and Project Investments.
Equity Investments invests in undervalued natural resource
companies. The majority of its investments are listed on AIM, the
TSX and the ASX, which includes its 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 for the Project Investments division.
Project Investments 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/20200713005233/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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