logo-loader
viewMetal Tiger Plc

Metal Tiger’s Kalahari Metals purchases firm which owns five exploration licences in Kalahari Copper Belt

The AIM-listed investor said post completion of the acquisition, Metal Tiger’s interest in KML will be diluted to approximately 43.9% of the issued share capital, down from its current level of 50%

Kalahari desert
Metal Tiger said it intends to provide further funding to KML to support its drilling in the second quarter of 2019

Metal Tiger PLC (LON:MTR) said investee company Kalahari Metals Limited (KML) has entered into a binding agreement with Resource Exploration and Development Limited (RED) to purchase 100% of Kitlanya Ltd, which owns five recently granted exploration licences in the prospective Kalahari Copper Belt.

The AIM-listed investor in strategic natural resource opportunities said post completion of the acquisition, Metal Tiger’s interest in KML will be diluted to approximately 43.9% of the issued share capital, down from its current level of 50%.

READ: Metal Tiger’s Kalahari Metals receives Botswana government approval for Ngami EMP

It noted that KML has completed US$100,000 of exploration works on the licences held by Kitlanya and will acquire 100% of the project for US$700,000, satisfied by the issue of shares representing approximately 13.4% of KML as enlarged by the acquisition.

The group pointed out that the transaction will value KML, post-acquisition completion, at US$5.2mln.

The acquisition which will increase KML’s direct land position in the Kalahari Copper Belt to approximately 8,594km2, is conditional upon approval of the change of control being granted by the authorities in Botswana and receipt of an updated letter of good standing for the licences, it added.

Metal Tiger said it intends to provide further funding to KML to support its drilling in the second quarter of 2019 and further announcements will be made as and when appropriate.

Michael McNeilly, Metal Tiger’s chief executive officer commented: “We are delighted that KML has reached an agreement to acquire Kitlanya, which will consolidate its highly prospective exploration interests in the Kalahari Copper Belt.

“We intend to demonstrate our continued support for KML and its activities in Botswana through the provision of further funding in due course.”

Quick facts: Metal Tiger Plc

Price: 1.2 GBX

AIM:MTR
Market: AIM
Market Cap: £18.71 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

Investor Update: Metal Tiger 'encouraged' by wide zones of copper...

Headlines from the Proactive UK newsroom. Metal Tiger (LON:MTR) has reported visible wide zones of copper mineralisation from exploration at Okavango in Botswana. The cores have yet to be analysed but the junior said the presence of trace copper sulphides over a total interval of...

1 day, 2 hours ago

RNS

Total voting rights

5 days, 1 hour ago

Holding(s) in Company

1 week, 2 days ago

Holding(s) in Company

1 week, 5 days ago

Director/PDMR Shareholding

1 month, 1 day ago

Result of Meeting

on 6/11/19

Holding(s) in Company

on 30/10/19

2 min read