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Metal Tiger PLC - Participation in Thor Mining Placing

RNS Number : 9585Y
Metal Tiger PLC
15 September 2020
 

15 September 2020

Metal Tiger plc

("Metal Tiger" or the "Company")

Participation in Thor Mining Placing

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, announces that it has conditionally subscribed for 25,000,000 new ordinary shares of 0.01p each in the capital of Thor Mining plc ("Thor Shares") ("Thor") at a price of 0.6p per share, for a total consideration of £150,000 (the "Investment").

The Investment forms part of a fundraise by Thor, announced today, seeking to raise, in aggregate, £1,065,500 (the "Fundraise").  

Thor's announcement can be viewed via the following link:
https://www.thormining.com/investors/aim-announcements 

As part of the Fundraise, investors have been granted one warrant for every two Thor Shares subscribed for, exercisable at a price of 1p per share for a period of two years from the date of issue ("Warrants"). Accordingly, as part of the Investment, Metal Tiger will be issued with 12,500,000 Warrants.

The Investment is conditional upon the approval of Thor shareholders at a duly convened general meeting, expected to be held in October 2020.

Completion of the Investment will increase Metal Tiger's shareholding to 171,550,000 Thor Shares, representing approximately 11.56% of Thor's then enlarged issued share capital. 

Thor intends to utilise the net proceeds from the Fundraise to:

i)          Fund exploration activities at the Ragged Range, gold and nickel project in the Pilbara region of Western Australia;

ii)         further invest in EnviroCopper Limited, with a primary objective of drill testing the gold potential at Kapunda;

iii)        exploration activities on uranium and vanadium projects in the USA; and

iv)        provide general working capital.

Thor is an AIM and ASX listed exploration and development natural resources company, with interests in tungsten, molybdenum and copper projects in Australia and the USA. For the year ended 30 June 2020, Thor reported a net loss of £922,000.  As at 30 June 2020, Thor had net assets of £12.606 million. Mark Potter, Chief Investment Officer of Metal Tiger, is a Non-Executive Director of Thor.

 

This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) ("MAR").

For further information on the Company, visit: www.metaltigerplc.com:

Michael McNeilly

 (Chief Executive Officer)

Tel: +44 (0)20 7099 0738

Mark Potter

(Chief Investment Officer)





Richard Tulloch

James Dance

Jack Botros

Strand Hanson Limited (Nominated Adviser)

Tel +44 (0)20 7409 3494




Paul Shackleton

Steve Douglas

Arden Partners plc (Broker)

Tel: +44 (0)20 7614 5900




Gordon Poole

James Crothers

Hugo Liddy

Camarco (Financial PR)

Tel: +44 (0)20 3757 4980

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 privately and/or by entering into a joint venture.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

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Price: 23.3

Market: AIM
Market Cap: £35.72 m
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