leadf
logo-loader
viewMetal Tiger PLC
(
AIM:MTROTC:MRTTFFRA:EBRAASX:MTR
)

Metal Tiger subscribes for units in Marimaca Copper for a total investment of approximately £257,000

Marimaca is a Toronto Venture Exchange quoted copper exploration company focused on exploring and developing new sources of copper, with its flagship project is the Marimaca Copper Project in Chile’s Antofogasta Region

Copper
Metal Tiger now holds, in aggregate, 146,956 shares in Marimaca, representing approximately 0.2% of the group's issued share capital and 70,978 warrants

Metal Tiger PLC (LON:MTR) announced that it has subscribed for 141,956 units in Marimaca Copper Corp, at a price of C$3.15 per unit, for a total investment of C$447,161 (approximately £257,000).

The AIM-listed investor in natural resource opportunities said the investment is being made as part of Marimaca’s C$28.98 million equity financing which was announced as having closed on  December 3, 2020.

READ: Metal Tiger delighted with Sandfire Resource's decision to develop T3 in Botswana

Each unit acquired consists of one common share in Marimaca and one-half of one common share purchase warrant exercisable at a price of C$4.10 for a period of 24 months following the closing date of the fundraise.

Accordingly, Metal Tiger now holds, in aggregate, 146,956 shares in Marimaca, representing approximately 0.2% of the group's issued share capital and 70,978 warrants.

Marimaca is a Toronto Venture Exchange quoted copper exploration company focused on exploring and developing new sources of copper. Its flagship project is the Marimaca Copper Project in Chile’s Antofogasta Region.

The company recently announced the results of a Preliminary Economic Assessment for the Marimaca Copper Project which showed a US$640mln post-tax NPV8 (real) assuming a US$3.45/lb flat long-term copper price, with a post-tax IRR of 38.0%. In addition, Marimaca recently received approval for the construction of up to 365 drill pads over the next three years encompassing 3,800 hectares of highly prospective exploration ground. The company is expected to drill first targets in early Q1 2021.

For the nine months ending September 30, 2020, Marimaca reported a net income of approximately US$4.9mln and, as at September 30, 2020, reported net assets of approximately US$37.9mln.

Quick facts: Metal Tiger PLC

Follow
AIM:MTR

Price: 22.69 GBX

Market Cap: £37.83 m

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 named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

Metal Tiger CEO talks Botswana drilling and value in 'refreshed' portfolio

Metal Tiger PLC (AIM:MTR)'s Michael McNeilly speaks to Proactive's Andrew Scott following the recent announcement from Sandfire Resources of a standout intersection from 439m down-hole of 45m at 2.2% copper. The hole was 1.2km southwest of the recently upgraded A4 Mineral Resource. Metal Tiger...

1 week, 2 days ago

2 min read