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MOD Resources-Court Approves Scheme of Arrangement

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RNS Number : 1059P
Metal Tiger PLC
08 October 2019
 

8 October 2019

Metal Tiger plc

("Metal Tiger" or the "Company")

 

MOD Resources Update - Court Approves Scheme of Arrangement

 

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased note the announcement made by MOD Resources Ltd ("MOD") (ASX/LSE:MOD), which notes that the Supreme Court of Western Australia has made orders approving the scheme of arrangement by which Sandfire Resources NL ("Sandfire") will acquire all of the issued shares of MOD.

Pursuant to Section 411(10) of the Corporations Act 2001, the Scheme will become legally effective upon lodgment of the Court orders with the Australian Securities and Investments Commission (ASIC).

 

It is expected that a copy of the Court orders will be lodged with ASIC tomorrow, at which time the Scheme will become legally effective.  If this occurs, MOD's shares will be suspended from trading on the ASX at the close of trade tomorrow.

Metal Tiger's MOD shares which upon completion will equate to 94,834,181 MOD shareswill therefore be exchanged for 0.0664 Sandfire shares for every MOD share held, equivalent to 6,296,990 new shares in Sandfire. It is expected that Sandfire shares will be issued to Metal Tiger and other MOD shareholders on 23 October 2019. Metal Tiger will also be granted its 2% Net Smelter Royalty over the exploration joint venture area.

The full text of the MOD announcement can be read using the following link:

https://www.asx.com.au/asxpdf/20191008/pdf/4499cw4xj1smbl.pdf

 

 

For further information on the Company, visit: http://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




Nick Emerson

SI Capital (Broker)

Tel: +44 (0)1483 413 500




Gordon Poole

James Crothers

Monique Perks

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: Direct Equities and Direct Projects.

 

The Direct Equities Division invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its 19.9% interest in MOD Resources Limited. 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 in the Direct Projects Division.

 

The Direct Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana, Metal Tiger, through its joint venture with MOD and its interest in Kalahari Metals Limited, has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain, the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand, Metal Tiger has interests in two potentially near-production stage lead/zinc/silver mines as well as licences, applications and critical historical data covering antimony, copper, gold, lead, zinc and silver opportunities.

 

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: 1.2

Market: AIM
Market Cap: £18.71 m
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Metal Tiger Plc's (LON:MTR) Michael McNeilly tells Proactive London's Andrew Scott they're set to become the new owner of just under 6.3mln new shares in Sandfire Resources (ASX:SFR) after a scheme of arrangement was approved by the Supreme Court of Western Australia. Sandfire is acquiring...

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