viewMetal Tiger PLC

Metal Tiger to buy 20% of Australian copper explorer Cobre in IPO fundraise

Metal Tiger will invest an initial A$500,000 for about 15% of Cobre and a further A$2mln within the next year

Cobre owns the Perrinvale Copper Project in central Western Australia

Metal Tiger PLC (LON:MTR) plans to buy about 20% of Cobre Pty Ltd as part of the Australian copper explorer’s initial public offering fundraise.

The miner has entered into a binding term sheet that will allow it to invest an initial A$500,000 for a 15% stake in Cobre and a further A$2mln within the next year, taking its total holding to about 19.99% upon listing.

Cobre owns the Perrinvale Copper Project in central Western Australia, where a 1,000m drilling programme interested high grade volcanogenic massive sulphide base metal and gold mineralisation at shallow depth.   

The best assayed result was 5m at 9.8% copper, 3.2 grams per tonne (g/t) gold, 34 34g/t silver and 3.1% zinc.

Metal Tiger has issued Cobre with more than 1.6mln in new shares at 1.45p each in exchange for a 30-day exclusivity period, which will allow time to complete due diligence and implement formal documentation.

The group said it has already completed a substantial amount of due diligence and is pleased to obtain exclusivity given the strong level of interest in the market to invest in the project.

On completion of the IPO, Metal Tiger will be able to appoint a nominee director to the board of the Cobre.

Quick facts: Metal Tiger PLC

Price: 21 GBX

Market: AIM
Market Cap: £32.17 m

Add related topics to MyProactive

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


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...



Thor Mining to acquire uranium and vanadium assets in US

Thor Mining PLC's (LON:THR)(ASX:THR) Mick Billing speaks to Proactive London's Andrew Scott after entering into an exclusive option to acquire 100% of the shares in American Vanadium Pty Ltd, a private Australian company, with interests in uranium and vanadium. Thor's also raising A$970,000 to...

on 1/6/20

2 min read