METAL TIGER PLC: Extension to Heads of Agreement Between Cobre and KML
October 22 2020 - 1:00AM
UK Regulatory
TIDMMTR
22 October 2020
Metal Tiger Plc
("Metal Tiger" or the "Company")
Extension to Heads of Agreement Between Cobre and KML
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, announces that, further
to the announcement on 24 August 2020, regarding the shareholders
of Kalahari Metals Limited ("Kalahari Metals" or "KML") entering
into a binding heads of agreement ("HoA") with Cobre Limited
(ASX:CBE) ("Cobre"), pursuant to which Cobre will acquire up to 51%
of Kalahari Metals (the "Proposed Transaction"), all parties have
agreed to amend the HoA as set out below.
Under the amended HoA, the period for completion of requisite
due diligence has been extended and will expire on 20 November
2020. In addition, the exclusivity period has been extended to 20
December 2020. All other terms of the HoA remain as previously
announced.
All parties continue to work towards satisfying all conditions
precedent as soon as possible and by no later than 20 December
2020.
Metal Tiger owns a 62.17% interest in KML and a 18.79% interest
in Cobre. Following completion of the Proposed Transaction, Metal
Tiger will have approximately 20.72% of the issued share capital of
Cobre and would have an economic interest in Kalahari Metals of
approximately 59.57% (comprising a direct interest of 49.00% and an
indirect interest of 10.57% as a result of the Company's direct
interest in Cobre).
This announcement contains inside information for the purposes
of the market abuse regulation (EU No. 596/2014).
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)
Richard Tulloch Strand Hanson Limited (Nominated Tel +44 (0)20 7409 3494
James Dance Adviser)
Jack Botros
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/20201021005657/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
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