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Metal Tiger raises bigger than expected £4.2mln from private placement by Sprott Private Wealth

Published: 11:52 29 Mar 2017 BST

Metal tiger
In reaction, Metal Tiger shares rose 5.5%, or 0.18p higher to 3.35p, above the 3p offering price

Metal Tiger PLC (LON: MTR) has raised a bigger than expected £4.29mln from a private placement undertaken by Canadian investment firm Sprott Private Wealth.

The natural resources investor said yesterday it had engaged Sprott to act as exclusive agent as part of a £3mln private placement of 100,000,000 units at a fixed price of 3p each.

Today Metal Tiger said, however, it has elected to accept £4.29mln on the same terms as announced yesterday.

Michael McNeilly, Metal Tiger’s chief executive officer said: “We are extremely pleased with the strong demand for this Offering, which was oversubscribed and brings new long term institutional shareholders on to the shareholder register.”

In reaction, Metal Tiger shares rose 5.5%, or 0.18p higher to 3.35p.

Metal Tiger said the net proceeds from the offering will be used to fund its portion of its commitment to the 2017 budget for its joint venture project with Australian partner MOD Resources in the Kalahari Copper Belt in Botswana, as well as for working capital and general corporate purposes.

Each unit in the offering consists of one ordinary share in the company and one ordinary share purchase warrant which will entitle the holder to acquire one other ordinary share at £0.06 for five years from the offer’s closing date.

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