TIDMMTR
29 November 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Investment in Armada Metals Limited oversubscribed IPO
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed
investor in natural resource opportunities, is pleased to announce
that it has subscribed for an additional 5,000,000 new ordinary
shares in Armada Metals Limited ("Armada"), at an issue price of
A$0.20 per share, for total consideration of A$1.0m as part of
Armada's Initial Public Offering (the "Armada IPO") on the
Australian Securities Exchange (the "ASX"). Armada's Prospectus was
lodged with the Australian Securities and Investments Commission on
9 November 2021 (the "Prospectus"), which states an expected
listing date on the ASX of 15 December 2021. Armada has raised the
maximum subscription amount noted under the Prospectus of
A$10,000,000 and will trade under the ticker AMM.
Metal Tiger currently holds 10,000,000 fully paid ordinary
shares in Armada, having previously invested US$750,000 at the
pre-IPO investment round (the "Pre-IPO"), as announced on 19 March
2021 and following various restructurings which are noted in the
Prospectus. Following completion of the Armada IPO, Metal Tiger
will hold 15,000,000 shares in Armada, representing approximately
14.42% of Armada's enlarged share capital. In addition, Metal Tiger
currently holds 3,333,333 options over Armada ordinary shares,
exercisable at a price of $A0.334 with a 5-year validity after
admission of the company to the official list of the ASX.
Armada owns 100% of Armada Metals Germany GmbH (Germany) which
owns 100% of Armada Exploration Limited (Mauritius) which in turn
owns 100% of Armada Exploration (Gabon) SARL, which holds two
exploration licences (one currently under renewal), prospective for
magmatic Ni-Cu sulphide, in Gabon, covering a total area of nearly
3,000km2. Armada was established to define new belt-scale discovery
opportunities for key commodities (principally nickel and copper)
in under-explored regions of Africa. Armada is preparing to drill a
multi-target project opportunity for magmatic Ni-Cu sulphides in
the Nyanga area, southern Gabon. Armada is supported by a Board and
Africa-based technical team both with a track record of successful
African projects. Key members of the Armada targeting team were
part of the team awarded the 2015 PDAC Thayer Lindsley Award for an
International Mineral Discovery (as members of the Kamoa/DRC
discovery team with Ivanhoe Mines). For the 6-month period ended 30
June 2021, Armada reported a net loss of circa A$0.6m and net
assets of circa A$4.5m
Furthermore, Metal Tiger notes that its investee company, Cobre
Limited (ASX:CBE) ("Cobre"), which co-invested alongside RCF Global
Opportunities Fund ("RCF") in the Pre-IPO, has invested in-line
with Metal Tiger. RCF also invested additional capital into the
Armada IPO.
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 expect to be issued a further 445,368 new Cobre shares
subject to certain conditions being met as announced on 15 December
2020. Assuming all such further issuances occur, Metal Tiger would
be interested in approximately 21% of Cobre Limited.
A link to Cobre's announcement regarding its investment in
Armada can be found below:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02458841-2A1341927?access_token=83ff96335c2d45a094df02a206a39ff4
Further information on Armada can be found on their website:
https://armadametals.com.au
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are very pleased to make an additional investment into
Armada as part of its oversubscribed IPO fundraise. Armada will be
categorised as an Active investment and on IPO MTR will hold just
under 15% of the enlarged share capital, whilst also having an
indirect exposure via its interest in Cobre. I am pleased to note
that our initial investment of US$750k will have doubled in paper
value at the A$0.20 IPO price. With multiple defined targets within
the Nyanga Project looking for intrusive-hosted magmatic Ni-Cu-Co
sulphides in southern Gabon we believe this latest investment
offers significant discovery potential near a proposed future
deep-water port at the coastal town of Mayumba. Led by an
experienced leadership team, who have a successful track record of
involvement in major discoveries we are excited that the Armada's
maiden drill program is slated to commence in early January 2022.
We could be on the verge of a new mining province to provide the
battery metals of the future."
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
Robert Collins (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/20211129005284/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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