Metal Tiger PLC Investment in Los Cerros (0204Z)
September 15 2020 - 3:45AM
UK Regulatory
TIDMMTR
RNS Number : 0204Z
Metal Tiger PLC
15 September 2020
15 September 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Investment in Los Cerros (ASX:LCL)
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to announce
that it has subscribed for 750,000 new shares in Los Cerros Limited
("Los Cerros"), at a price of A$0.115 per share, for a total
investment of A$86,000 as part of Los Cerros' fundraise of A$10.0
million announced on 15 September 2020 (the "Fundraise"). This is a
follow-on investment to Metal Tiger's initial investment in Los
Cerros in early 2020. The Los Cerros share price has increased 400%
since Metal Tiger's initial investment, based on the latest closing
share price.
Following completion of the Fundraise, Metal Tiger's holdings in
Los Cerros will consist of 3.9 million shares representing
approximately 0.9% of Los Cerros' then issued share capital, and
1.25 million warrants exercisable at A$0.10.
Los Cerros is an ASX listed gold explorer in Colombia, South
America. Los Cerros' primary focus is the Quinchia Gold Portfolio,
which is located in Colombia's Mid-Cauca Belt. The 10,500ha
Quinchia Project contains a number of gold deposits and significant
exploration and development targets including Miraflores, Tesorito,
Chuscal and Dosquebrada. Los Cerros intends to utilise the proceeds
of the Fundraise to pursue a substantial and sustained three-rig
diamond drilling programme across multiple sites and to pay down
debt.
The Miraflores project has a JORC Code compliant measured and
indicated resource of 9.27MT @ 2.82 g/t Au and 2.77 g/t Ag for
840koz gold and 826koz silver, with scope to increase the size and
grade of the resource through additional exploration drilling
during Q4 2020. In addition, recent drilling at the Tesorito
project has identified a new porphyry target with intersections
including 230m @ 1.0 g/t Au, with higher grade gold from
surface.
For the year ended 31 December 2020, Los Cerros reported a net
loss of A$4.16 million and, as at 30 June 2020, reported net assets
of A$15.76 million.
Los Cerros' announcement in respect of the Fundraise can be
viewed via the link below:
https://www.loscerros.com.au/site/news/ASX-Announcements
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
James Dance Adviser) 3494
Jack Botros
Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614
Steve Douglas 5900
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757
James Crothers 4980
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.
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