METAL TIGER PLC: Cobre Limited Equity Placing
April 15 2021 - 3:06AM
UK Regulatory
TIDMMTR
15 April 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Cobre Limited Equity Placing
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in natural resource opportunities, is pleased to announce
that it has subscribed for 8,311,765 new ordinary shares in ASX
listed Cobre Limited ("Cobre") at a price of AUD0.17 per share, for
a total investment of approximately AUD1.413m, as part of Cobre's
AUD6.7m fundraise (the "Fundraise") announced on 15 April 2021.
This follow-on investment is subject to Cobre shareholder
approval.
The funds raised by Cobre will be used primarily to finance
exploration drilling activities for Kalahari Metals Limited
("KML"), the copper-silver exploration joint venture with Metal
Tiger in the highly prospective Kalahari Copper Belt in
Botswana.
Subject to Cobre shareholder approval, following completion of
the Fundraise, Metal Tiger will hold 34,318,728 shares in Cobre
representing approximately 20.72% of its issued share capital, in
addition to its current 50.01% joint venture interest in KML.
Subject to obtaining change in control approval from the Minister
of Mineral Energy and Water Resources of the Republic of Botswana
in respect of the KML group, Cobre will issue a further 445,368 new
Cobre shares to the Company and Metal Tiger's interest in KML will
reduce to 49%.
Furthermore, Metal Tiger holds a 2% net smelter royalty over all
KML's wholly owned licences (unconditional following completion of
the recent transaction with KML), being seven licences covering, in
aggregate, 6,650km(2) . It is anticipated that most of the upcoming
drilling will be on the areas of KML covered by the 2% net smelter
royalty.
For the 6 months ending 30 December 2020, Cobre reported a net
loss of AUD608,800 and, as at 30 December 2020, reported net assets
of AUD8,805,549.
The link to Cobre's press release can be found below:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02363722-2A1292737?access_token=83ff96335c2d45a094df02a206a39ff4
Michael McNeilly commented:
"We are pleased to have supported Cobre in this equity fundraise
which allows the commencement of an extensive programme of
exploration drilling activities at our Kalahari Metals joint
venture with Cobre. Metal Tiger shareholders will be well
positioned to benefit from any upcoming exploration success at
Kalahari Metals through its 49% joint venture interest, its 21%
equity interest in Cobre, and its 2% net smelter royalty.
We look forward to updating shareholders in the near future as
we progress these exploration activities."
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)
James Dance Strand Hanson Limited Tel +44 (0)20 7409 3494
Jack Botros (Nominated Adviser)
Georgia Langoulant
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 pri
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210415005403/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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