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Sandfire Resources shares received

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RNS Number : 8776Q
Metal Tiger PLC
23 October 2019
 

23 October 2019

Metal Tiger plc

("Metal Tiger" or the "Company")

Sandfire Resources shares received

 

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to announce that it has today been issued with 6,296,990 new ordinary shares in Sandfire Resources NL (ASX:SFR) ("Sandfire"), representing approximately 3.5 per cent. of Sandfire's enlarged issued share capital, in exchange for its entire shareholding in MOD Resources Limited ("MOD").

 

Accordingly, Metal Tiger has no further interest in MOD but retains an uncapped 2% Net Smelter Royalty over circa 8,000 km2 in the Kalahari Copper Belt (covering the area subject to the historical Tshukudu joint venture with MOD) and a US$2m capped Net Smelter Royalty over the T3 project.

 

Sandfire has declared a final dividend of A$0.16 per share, which goes ex-div on 14 November 2019 and payment will be made on 29 November 2019.  The Board of Metal Tiger intends to retain the Company's entire interest in Sandfire shares, such that it is eligible to receive the approximate A$1.0m payment that would be due to Metal Tiger from this dividend.

 

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




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 3.5% interest in Sandfire Resources NL (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 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 has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited. 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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