viewMetal Tiger PLC

Metal Tiger set to benefit from Sandfire’s acquisition of MOD Resources

Metal Tiger has consistently been able to realise value from its partnership with MOD

MOD is sitting on a major copper discovery in Botswana

Metal Tiger Plc (LON:MTR) shares soared on Tuesday after the natural reources investor said it was “pleased to note” the recommended offer from Sandfire Resources Ltd (ASX:SFR) for MOD Resources (ASX:MOD)(LON:MOD).

Metal Tiger has had a long-standing relationship with MOD exploring for copper in Botswana.

WATCH: Sandfire offer for MOD Resources a 'transformational deal' for Metal Tiger

It currently holds a substantial stake in MOD, having converted its stake in a joint venture directly into shares.

All told, Metal Tiger’s interests in MOD and assets related to the joint venture that are set to be realised by the Sandfire offer have a combined total value of £23.2mln.

That’s a nice return on the £7.7mln Metal Tiger has invested in the MOD joint venture over the years.

The Sandfire offer for MOD amounts to 0.0664 shares for every MOD share, which values MOD at A$0.45 per share.

Metal Tiger will take its consideration in Sandfire shares, and will accordingly end up holding around 3.5% of Sandfire.

In afternoon trading, shares in Metal Tiger were 11.5% higher at 1.45p, with MOD shares in London up 17% at 20.50p.

 -- Adds share prices --

Quick facts: Metal Tiger PLC

Price: 1.33 GBX

Market: AIM
Market Cap: £20.38 m

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