METAL TIGER PLC: Sandfire launches A$200m Entitlement Offer
November 18 2022 - 8:02AM
UK Regulatory
TIDMMTR
18 November 2022
Metal Tiger plc
("Metal Tiger" or the "Company")
Sandfire launches A$200m Entitlement Offer
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed
investor in natural resources opportunities, is pleased to note
that Sandfire Resources Limited ("Sandfire") has announced a A$200
million fully underwritten Entitlement Offer (the "Offer") to repay
debt and fund working capital at its Motheo operations, in
Botswana.
The Offer is being conducted at a price of A$4.30 per new
ordinary share, represents a 10.2% discount to Sandfire's closing
price on 17 November 2022, of A$4.79 per share, and a 9.3% discount
to Sandfire's theoretical ex-rights price of A$4.74 per share on 17
November 2022.
Sandfire is expected to issue approximately 46.6 million new
shares, representing around 11.4% of its current issued
capital.
The Offer will serve to strengthen Sandfire's balance sheet,
with proceeds used to repay the ANZ Corporate Debt Facility and
provide increased working capital as the Motheo Copper Mine
progresses from construction to first production and ramp up.
The Offer, which is fully underwritten by Macquarie Capital
(Australia) Limited, comprises an institutional entitlement offer
("Institutional Entitlement Offer") conducted on 18 November 2022,
expected to raise approximately A$150-million, and a retail
entitlement offer, expected to raise a further approximately
A$50-million ("Retail Entitlement Offer"). The results of the
Institutional Entitlement Offer will be announced on 21 November
2022, and the Retail Entitlement Offer will open on 25 November
2022 and close on 8 December 2022.
A link to Sandfire's announcements is set out below:
https://www2.asx.com.au/markets/trade-our-cash-market/announcements.sfr
A link to Sandfire's Entitlement Offer presentation is set out
below:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02599920-6A1122862?access_token=83ff96335c2d45a094df02a206a39ff4
Metal Tiger is interested in 7,006,953 Sandfire Shares
representing approximately 1.71% of Sandfire's current 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.
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
Robert Collins (Nominated Adviser)
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
Elfie Kent
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/20221118005305/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2022
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