METAL TIGER PLC: Kalahari Metals Limited / Cobre Limited Update
April 06 2021 - 4:42AM
UK Regulatory
TIDMMTR
6 April 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited / Cobre Limited Update
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to note that
further the announcement of 15 December 2020, at an extraordinary
general meeting of Cobre Limited ("Cobre") today, Cobre
shareholders approved the resolutions relating to the Transaction,
satisfying one of the key conditions to completion of the
Transaction. All conditions to the Transaction have now been
satisfied, save for final receipt of the change in control approval
from the Minister of Mineral, Energy and Water Resources of the
Republic of Botswana (the "Botswana Consent"). The Botswana Consent
were received by Cobre, however, corrections were required and
these corrections have been requested and are expected back in the
next few weeks.
Metal Tiger currently has a 62.17% equity interest in Kalahari
Metals Limited ("KML"). As announced on 15 December 2020, pursuant
to the Share Purchase Agreement entered into with Cobre, following
completion of the Transaction, Metal Tiger will own a 59.57%
economic interest in KML (comprising a 49% direct interest and a
20.72% interest in Cobre, which, in turn, will have a 51% interest
in KML).
The first technical committee meeting has already been held and
proposed drill targets and budgets have been prepared for
consideration by KML joint venture committee. Metal Tiger will
provide an update will be provided to shareholders once plans and
budgets have been formally approved and drill contracts have been
awarded. It is anticipated that this will happen imminently and
both parties are using best efforts to ensure that closing matters
and relevant transfers are done as quickly as possible to ensure
that drilling can commence as soon as possible.
The Company notes Cobre's several press releases from today,
including the results of the extraordinary general meeting.
The links to Cobre's press releases can be found below:
Kalahari Copper Belt Botswana Presentation:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02360493-2A1290858?access_token=83ff96335c2d45a094df02a206a39ff4
Chairman's Address to Shareholders:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02360672-2A1290980?access_token=83ff96335c2d45a094df02a206a39ff4
Results of Meeting:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02360746-2A1291023?access_token=83ff96335c2d45a094df02a206a39ff4
Project Background:
Kalahari Metals Limited, which was incorporated in England &
Wales on 3 May 2017, holds interests in 12 highly prospective
exploration licences covering a total area of 8,595km(2) in the
Kalahari Copper Belt of Botswana, comprising two 100% owned
exploration licences, five exploration licences subject to a
binding earn-in agreement with Triprop Holdings (Pty) Limited
(includes the Ngami Copper Project), and five exploration licences
held by 100% owned subsidiary, Kitlanya Limited.
Metal Tiger holds a conditional 2% net smelter royalty over all
KML's wholly owned licences, being seven licences covering, in
aggregate, 6,650km(2) (together, the "Royalties"). On completion of
the Transaction, it has been agreed that the conditions attached to
the Royalties will fall away. The five exploration licences owned
by Triprop Holdings (Pty) Limited (in which KML has a 51% interest)
do not form part of the Royalties.
Further details are available under the Project Investments
section of the Company's website at:
https://www.metaltigerplc.com/portfolio/project-investments/kalahari-metals.
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)
James Dance Strand Hanson Limited Tel +44 (0)20 7409 3494
Jack Botros (Nominated Adviser)
Georgia Langoulant
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/20210406005442/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
(END) Dow Jones Newswires
April 06, 2021 04:42 ET (08:42 GMT)
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Metal Tiger (LSE:MTR)
Historical Stock Chart
From Jul 2023 to Jul 2024