METAL TIGER PLC: Investment in Tanga Resources Limited
September 28 2020 - 5:39AM
UK Regulatory
TIDMMTR
28 September 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Investment in Tanga Resources Limited
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 5,000,000 new shares in Tanga Resources
Limited ("Tanga") (ASX:TRL), at a price of A$0.03 per share, for a
total investment of A$150,000 as part of Tanga's placing of A$7.0
million (gross) as announced on 28 September 2020 (the
"Placing").
Metal Tiger has participated in the tranche 2 of the Placing,
which has raised A$5.97 million (gross) and is subject to Tanga
shareholder approval to be sought at Tanga's annual general
meeting, which is expected to be held in November 2020.
Following completion of the Placing, Metal Tiger will be
interested in 5,000,000 Tanga shares representing approximately
1.35% of Tanga's then issued share capital.
Tanga is an exploration and development company listed on the
ASX, with exploration joint venture interests in Cote d'Ivoire as
well as exploration interests in Namibia, notably the Damara
Project. The proceeds of the Placing will be used primarily to
conduct exploration work at the recently acquired Cote d'Ivoire
exploration projects.
For the financial year ended 30 June 2019, Tanga reported a net
loss of A$8.1 million and as at 31 December 2019, had total assets
of A$3.5 million.
Tanga's announcement in respect of the Placing can be viewed via
the link below:
https://www.asx.com.au/asxpdf/20200928/pdf/44n26n2ztbjctp.pdf
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.
END
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200928005312/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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