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Metal Tiger PLC - Investment in Los Cerros

RNS Number : 0204Z
Metal Tiger PLC
15 September 2020
 

15 September 2020

Metal Tiger plc

("Metal Tiger" or the "Company")

Investment in Los Cerros (ASX:LCL)

Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that it has subscribed for 750,000 new shares in Los Cerros Limited ("Los Cerros"), at a price of A$0.115 per share, for a total investment of A$86,000 as part of Los Cerros' fundraise of A$10.0 million announced on 15 September 2020 (the "Fundraise").  This is a follow-on investment to Metal Tiger's initial investment in Los Cerros in early 2020.  The Los Cerros share price has increased 400% since Metal Tiger's initial investment, based on the latest closing share price.

Following completion of the Fundraise, Metal Tiger's holdings in Los Cerros will consist of 3.9 million shares representing approximately 0.9% of Los Cerros' then issued share capital, and 1.25 million warrants exercisable at A$0.10.

Los Cerros is an ASX listed gold explorer in Colombia, South America.  Los Cerros' primary focus is the Quinchia Gold Portfolio, which is located in Colombia's Mid-Cauca Belt.  The 10,500ha Quinchia Project contains a number of gold deposits and significant exploration and development targets including Miraflores, Tesorito, Chuscal and Dosquebrada. Los Cerros intends to utilise the proceeds of the Fundraise to pursue a substantial and sustained three-rig diamond drilling programme across multiple sites and to pay down debt.

The Miraflores project has a JORC Code compliant measured and indicated resource of 9.27MT @ 2.82 g/t Au and 2.77 g/t Ag for 840koz gold and 826koz silver, with scope to increase the size and grade of the resource through additional exploration drilling during Q4 2020.  In addition, recent drilling at the Tesorito project has identified a new porphyry target with intersections including 230m @ 1.0 g/t Au, with higher grade gold from surface.

For the year ended 31 December 2020, Los Cerros reported a net loss of A$4.16 million and, as at 30 June 2020, reported net assets of A$15.76 million.

Los Cerros' announcement in respect of the Fundraise can be viewed via the link below:

https://www.loscerros.com.au/site/news/ASX-Announcements 

 

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

Enquiries:

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.

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Quick facts: Metal Tiger PLC

Price: 23.3

Market: AIM
Market Cap: £35.72 m
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