METAL TIGER PLC: Sandfire Shareholding Update and Margin Lending Facility
June 21 2022 - 7:43AM
UK Regulatory
TIDMMTR
21 June 2022
Metal Tiger plc
("Metal Tiger" or the "Company")
Sandfire Shareholding Update and Margin Lending Facility
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed
investor in natural resources opportunities, announces that further
to its announcement on 5 October 2021 and 17 January 2022, Metal
Tiger has disposed of, in aggregate, 445,000 shares in Sandfire
Resources Limited ("Sandfire") ("Sandfire Shares") at an average
price of A$5.25 per Sandfire Share.
Following these disposals, Metal Tiger is interested in
7,367,057 Sandfire Shares representing approximately 1.8% of
Sandfire's issued share capital. As previously announced, 2,842,667
of the Sandfire Shares held by the Company are subject to an equity
derivative financing arrangement with a global investment bank.
Metal Tiger will use the partial proceeds of these sales on
settlement to pre-pay A$1,540,000 against the outstanding loan
principal of A$9m owed to a nominee of SC Lowry Primary Investments
Ltd (the "Margin Lending Facility"), reducing the principal amounts
owed by the Company in respect of the Margin Lending Facility to
A$7,460,000 (excluding interest accrued).
For the year ended 30 June 2021, Sandfire reported net profit of
A$170,082,000. As at, 30 June 2021, Sandfire reported net assets of
A$910,576,000.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"In light of prevailing market conditions, we have taken
appropriate measures to reduce our risk exposure as it relates to
the loan which we believe is in the best interest of the Company
and stakeholders."
For the year ended 30 June 2021, Sandfire reported net profit of
A$170,082,000. As at, 30 June 2021, Sandfire reported net assets of
A$910,576,000.
For further information on the Company, visit
www.metaltigerplc.com:
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
James Harris (Nominated Adviser)
Charlie Hammond
Steve Douglas Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Simon Johnson
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.
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.
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/20220621005708/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2022
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