logo-loader
viewMetal Tiger PLC

Metal Tiger refutes Kingsgate claims as vote nears

The AIM-listed group has called an extraordinary meeting of Kingsgate shareholders on 9 January to remover nearly all of the board

picture of gold pour
Chatree is a gold mine in Thailand

Metal Tiger PLC (LON:MTR) has refuted claims by Australian miner Kingsgate that it has no operating plan for the closed Chatree gold mine in Thailand.

The AIM-listed group has called an extraordinary meeting of Kingsgate shareholders on 9 January to remover nearly all of the board and replace them with its own nominees.

Chatree was shut down by the Thai authorities, a move the current Kingsgate board say was unjustified and it wants compensation.

Kingsgate says Metal Tiger’s plans might see an agreement with the Thai government that does not involve any recompense.

In reply to the letter, Metal Tiger, which is now Kingsgate’s largest shareholder, said it intends restart Chatree through the application for the renewal and granting of mining, processing and exploration licences by the Government of Thailand.

Discussions with the Thai Government have been initiated, it added.

Once the permits have been reissued, Metal Tiger has been advised it would be able to raise the money required to restart the mine.

A number of potential strategic equity investors had also commenced due diligence on the Chatree mine, said Metal Tiger, adding that the mine can support a conservative debt and equity package.

 

 

Quick facts: Metal Tiger PLC

Price: 1.325 GBX

AIM:MTR
Market: AIM
Market Cap: £20.21 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Metal Tiger PLC named herein, including the promotion by the Company of Metal Tiger PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Metal Tiger's McNeilly details new funding arrangement and share buyback plans

Metal Tiger's (LON:MTR) Michael McNeilly discusses with Proactive London's Andrew Scott the plans around its share buyback programme.  MTR intends to buy back up to 155.9mln shares - equivalent to 10% of the current issued share capital of the company. McNeilly also talks through its...

on 19/12/19

2 min read