Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Metal Tiger takes up Thai option

Metal Tiger has elected to exercise its option to acquire the remainder of SEAM's Thailand interests for an initial consideration of US$500,000
Metal Tiger takes up Thai option
Metal Tiger now controls 8 special prospecting licence applications in Western Thailand

Natural resources-focused investment company Metal Tiger (LON:MTR) has exercised its option to buy-out its former joint venture partner in Thailand, South East Asia Mining (SEAM).

At the same time, Metal Tiger will offload a 10% interest to a local Thai operating company, leaving Metal Tiger with 90% of the assets of its former joint venture with SEAM.

Metal Tiger has paid $200,000 in cash to SEAM, funded entirely from existing resources, and has granted SEAM shares in Metal Tiger to the value of $300,000 based on a transaction price of 0.87p per share.

A further $100,000 cash payment, plus a $60,000 working capital contribution and the issue of 23.8mln Metal Tiger warrants could be payable if SEAM is granted its primary target prospecting licence 1/2557 in the Kanchanaburi in Western Thailand.

Metal Tiger said it is actively engaged with Thai operating partners to continue the work programme across the Thai interests and to investigate additional opportunities.

“The strategic value of this acquisition is very important as we build our investment in Thailand. That investment is lent more credibility because the local Thai operating team, including key members of the SEAM organisation, have extensive operating experience in Thailand,” said Paul Johnson, chief executive officer of Metal Tiger. 

“With this acquisition now undertaken, our focus moves to building on this foundation by investing in work on the ground in our existing interests and by adding new opportunities that offer material value upside for shareholders,” Johnson added.

John-H.jpg
Why Invest In Metal Tiger? Read More Here

Register here to be notified of future MTR Company articles
View full MTR profile

Metal Tiger Timeline

Related Articles

mining_generic.png
July 24 2015
Chairman Brian Stockbridge of NQ Minerals is upbeat about the quality of the Australia- focused group's assets...
Paul Johnson
April 11 2016
It claims not to have a crystal ball, but the natural resources investor has hardly put a foot wrong so far
757z468_royal_road_columbia_project.png
October 26 2015
Tim Coughlin describes it as a "necessary and logical" step

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.