TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
ASX Placing to raise A$5m (c.GBP2.677m)
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed
investor in natural resource opportunities, is pleased to announce
that it has received firm commitments from existing and new
strategic, institutional and sophisticated investors for a
conditional capital raising of A$5,000,000 (approximately
GBP2.677m) (before costs), at a placing price of A$0.37
(approximately 20p) per CHESS Depositary Interest ("CDI") (the
"Placing"). The Placing is expected to facilitate additional
liquidity to the Company's ASX quotation and assist Metal Tiger to
establish an increased presence in the Australian market. The net
Placing proceeds will be applied across Metal Tiger's global
resources investments.
Cobre Limited (ASX: CBE) ("Cobre"), a Company in which Metal
Tiger holds a 16.62% interest*, is a related party of Metal Tiger's
Chief Executive Officer, Michael McNeilly, under the ASX Listing
Rules, which has conditionally subscribed for 2,702,703 new CDIs as
part of the Placing for A$1.0m. As per the requirements of the ASX
Listing Rules, Cobre's participation is subject to Metal Tiger
shareholder approval and the Company intends to convene a
shareholder meeting during August 2021 to obtain shareholder
consent.
Accordingly, the Placing will be completed in two tranches,
whereby 10,810,811 new CDIs will be issued in the first tranche
("Tranche 1") and, conditional on shareholder approval, 2,702,703
new CDIs will be issued to Cobre in the second tranche ("Tranche
2").
Metal Tiger Chief Executive Officer, Michael McNeilly,
commented: "Metal Tiger is very pleased to welcome a number of new
sophisticated and institutional investors to the register and
recognises the continued strong support from our existing
shareholders. The Board is pleased to note that an A$1.5m
cornerstone investment was received by a pre-eminent Australian
family office."
"The Placing enables Metal Tiger to make further strategic
investments in the global resources sector in line with our various
investment strategies. In addition, the Placing is expected to
facilitate additional liquidity to the ASX quotation and assist
Metal Tiger in establishing an increased presence in
Australia."
Further details of the Placing, Admission and Total Voting
Rights
The Placing was priced at the following % discount to VWAP on
the AIM quotation
Period VWAP/Price % discount
5 day(s) 23.58 15.2%
10 day(s) 23.50 14.9%
15 day(s) 23.82 16%
Source: Bloomberg
Subject to shareholder approval, the Placing will result in the
issue of, in aggregate, 13,513,514 new CDIs, which will require
13,513,514 new ordinary shares of 0.1p each in the capital of the
Company ("Ordinary Shares") to be issued to Link Asset Services,
the Company's CHESS Sponsor.
Ashanti Capital Pty Ltd and Taylor Collison Limited acted as
Joint Lead Managers to the Placing. Under the terms of the Placing
the Joint Lead Managers will receive 1,000,000 unlisted options
("Options") exercisable three years from the date of issue at
A$0.555 per CDI.
Application will be made for the 10,810,811 new Ordinary Shares
to be issued pursuant to Tranche 1 of the Placing (the "Tranche 1
Shares"), which will rank pari passu with the Company's existing
Ordinary Shares, to be admitted to trading on the AIM market of the
London Stock Exchange ("Admission"). It is anticipated that
Admission will become effective at 8.00 a.m. on 6 August 2021.
Following the issue of the Tranche 1 Shares, the number of
Ordinary Shares in issue in the Company will increase to
166,720,873. For the purposes of the Financial Conduct Authority's
Disclosure and Transparency Rules ("DTRs"), the issued Ordinary
Share capital of Metal Tiger following this allotment will consist
of 166,720,873 Ordinary Shares with voting rights attached (one
vote per share). There are no shares held in treasury. This total
voting rights figure may be used by shareholders as the denominator
for the calculation by which they will determine whether they are
required to notify their interest in, or a change to their interest
in, Metal Tiger under the DTRs or the ASX Listing Rules.
*Metal Tiger is currently interested in 26,006,963 Cobre shares,
representing approximately 16.62% of Cobre's issued share capital.
As announced on 15 April 2021, Metal Tiger will be interested in an
additional 8,311,765 shares subject to shareholder approval of
Metal Tiger's participation in the Cobre Fundraise. In addition,
the Company expects to be issued a further 445,368 new Cobre shares
subject to certain conditions being met, as announced 15 December
2020. Assuming all of these further issuances of shares in Cobre
occur, Metal Tiger would be interested in approximately 21% of
Cobre Limited.
For further information on the Company, visit:
www.metaltigerplc.com
Enquiries:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 3287 5349
Mark Potter (Chief Investment Officer)
James Dance Strand Hanson Limited Tel +44 (0)20 7409 3494
Georgia Langoulant (Nominated Adviser)
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
Rebecca Waterworth
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of the London
Stock Exchange AIM Market ("AIM") and the ASX Market of the
Australian Securities Exchange Market ("ASX") 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/20210725005028/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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