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Metal Tiger closes £2.6mln Sprott offering, raising £6.2mln in combination with recent placing

The natural resources investment group said the funds would be added to those raised by the placing earlier in August, of around 93.4mln new shares issued at a price of 2.8p each

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Metal Tiger said it had also accepted a further subscription for new shares from a London-based investor of £15,000 on the same terms as the placing

Metal Tiger PLC (LON:MTR) has closed its oversubscribed Sprott Offering and has raised £2.6mln to help fund its joint venture project in Botswana.

The AIM-listed natural resources investment group said the funds would be added to those raised by a placing earlier in August, of around 93.4mln new shares issued at a price of 2.8p each, to give a total of around £6.2mln in combination.

READ: Metal Tiger raises funds after another Kalahari drilling success

The firm also said it had accepted a further subscription for new shares from a London-based investor of £15,000 on the same terms as the placing.

Metal Tiger added that the proceeds of the fundraising would be used to fund its portion of the 2018 budget commitment to its joint venture with MOD Resources Limited (ASX:MOD) in the Kalahari copper belt in Botswana, in which it holds a 30% stake, and for its commitment to another joint venture in the same area with Kalahari Metals limited.

Michael McNeilly, chief executive of Metal Tiger, commented the fundraising was “the single largest investment in Metal Tiger to date” and had been done at a price that was significantly higher than the average share price over the course of 2018.

He added that the continued institutional support from London meant the company was “exceptionally well positioned” to move forward with its investments.

In early morning trading, Metal Tiger shares were 7.5% higher at 2.52p.

 -- Adds share price --

Quick facts: Metal Tiger PLC

Price: 23.5 GBX

AIM:MTR
Market: AIM
Market Cap: £36.01 m
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