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Metal Tiger’s Cobre to list on Australian Stock Exchange at end of January

The resource investor is expecting to net an unrealised paper profit of around £520,000 when the metal explorer lists

Metal Tiger PLC - Metal Tiger’s Cobre to list on Australian Stock Exchange at end of January
Cobre owns a controlling stake in the Perrinvale copper project in Western Australia

Metal Tiger PLC’s (LON:MTR) portfolio firm, metal explorer Cobre, is to float on the Australian Stock Exchange on or around the 31 January.

The resources investor said it had subscribed A$2.4mln (£1.25mln) in Cobre’s ”heavily oversubscribed” initial public offering (IPO), and as a result, will hold just shy of a 20% stake in the firm when it floats.

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The total value of Metal Tiger’s 19.35mln shares in Cobre at the IPO price of A$0.20 (10p) per share will be A$3.9mln (£2mln), giving the firm an unrealised paper profit of around A$1mln (£0.52mln).

“We made our initial investment [in Cobre] in September 2019 and consider it a testament to the team at Cobre and their assets that they will have achieved a listing on the ASX only five months after Metal Tiger’s initial investment”, said Metal Tiger chief executive Michael McNeilly.

Cobre has a controlling stake in a group of tenements known as the Perrinvale copper project in Western Australia.

Metal Tiger shares were steady at 1.3p in mid-morning trading on Friday.

Quick facts: Metal Tiger PLC

Price: 1.524 GBX

AIM:MTR
Market: AIM
Market Cap: £23.2 m
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