METAL TIGER PLC: Investment in Anacortes Mining Corp
July 22 2021 - 1:00AM
UK Regulatory
TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Investment in Anacortes Mining Corp
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 C$1,250,000 units (the "Units") in First
Light Capital Corp ("First Light"), a capital pool under the
policies of the TSX Venture Exchange, at an issue price of C$0.40
per Unit for a total consideration of approximately C$500,000
(c.GBP287,920).
First Light entered into a definitive agreement dated 16 June
2021 with New Oroperu Resources Inc ("New Oroperu") to combine
entities and form Anacortes Mining Corp ("Anacortes"), a new growth
orientated gold company in the Americas.
Anacortes will initially be focused on continued exploration and
advancement of the Tres Cruces gold project located in Peru. Tres
Cruces is one of the highest-grade oxide deposits globally and
hosts oxide plus sulphide Indicated resources of 2.474 Mozs at 1.65
g/t gold and Inferred resources of 104 kozs at 1.26 g/t gold,
inclusive of 630 kozs of high-grade leachable gold at 1.28 g/t
gold.
The investment forms part of a capital raise by First Light of
C$22.0 million. The placement was met with demand from
institutional, high net worth, and retail investors.
Following completion of the fundraise and completion of the
business combination, the Units will convert and Metal Tiger will
hold 1,250,000 common shares in Anacortes, which will represent
approximately 0.5% of the enlarged share capital. Metal Tiger will
also receive 625,000 warrants exercisable within 2 years at a price
of C$0.55.
For the quarterly period ended 31 March 2021, New Oroperu
reported net assets of C$2,041,010 and a net loss of C$254,817. For
the quarterly period ended 31 March 2021, First Light reported net
assets of $1,982,921 and a net loss of C$232,222.
A link to the First Light / New Oroperu press release can be
found below:
First Light and New Oroperu Complete C$22,038,500 Financing In
Connection With Business Combination to Create Anacortes
Mining:
https://money.tmx.com/en/quote/ORO/news/5455234295742707/First_Light_and_New_Oroperu_Complete_C22038500_Financing_In_Connection_With_Business_Combination_to_Create_Anacortes_Mining
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
Georgia Langoulant (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/20210721006040/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2021
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