Metal Tiger PLC (LON:MTR) has noted that Cobre Ltd has completed its purchase of 49.99% of Kalahari Metals Ltd in exchange for 20,999,214 newly issued ordinary shares in Cobre.
Accordingly, Metal Tiger has received 5.1mln new Cobre Shares, increasing its holding to just over 26mln Cobre shares, representing approximately 20.72% of Cobre’s enlarged share capital.
Following the transfer, Metal Tiger now holds a 50.01% interest in Kalahari.
Subject to obtaining change in control approval from the Minister of Mineral Energy and Water Resources of the Republic of Botswana in respect of Kalahari Minerals, Cobre will issue a further 445,368 shares to Metal Tiger, increasing its shareholding in KML to 51%, with Metal Tiger’s shareholding reducing to 49%.