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Metal Tiger extends closing date for £4.29mln placing

Published: 08:42 18 Apr 2017 BST

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The cash will be used to fund Metal’s share of the 2017 budget at its Kalahari copper belt JV in Botswana

Metal Tiger PLC (LON:MTR) and its bookrunner Sprott Private Wealth have mutually agreed to push back the closing date of the recent £4.29mln private placement by three days to 20 April.

The natural resources investor reminded investors that the offering is conditional on certain conditions being met before the new date.

Should these conditions not be met before then, the offering may not happen and Metal may not raise the £4.29mln.

Metal Tiger first announced plans to raise some cash at the end of March, although it was only originally looking to generate £3mln.

READ MORE: Metal Tiger launches £3mln private placement

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“Strong demand” for the shares meant the company actually managed to raise almost 50% more on the same terms.

The net proceeds from the offering will be used to fund Metal’s 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.

Any leftovers will be kept for working capital and general corporate purposes.

MTR shares shed 5% in early deals to 2.75p.

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