Metal Tiger plc - Exercise of Warrants in MOD Resources Limited
Metal Tiger Plc
08 February 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Exercise of Warrants in MOD Resources Limited
Metal Tiger (LON: MTR), the natural resources investing company is pleased to announce that it has today elected to conduct a strategic exercise of its 29,166,666 warrants at AUD 1 cent per warrant in MOD Resources Limited (ASX:MOD) for 29,166,666 new shares in MOD at a cost of AUD 291,667 (£178,937).Following this exercise Metal Tiger will hold 81,102,302 shares in MOD Resources Limited (“MOD”) representing 5.01% of the issued share capital of MOD which upon receipt of the newly issued shares will put MTR above notifiable on the ASX.
The Board is pleased that this sum, whilst modest, will contribute both to Metal Tiger and MOD’s 30/70 joint venture in the Kalahari Copper Belt as well as toward other expenditure by MOD on non-JV licences in the region.
Michael McNeilly, Chief Executive Officer, commented: “I recently visited Perth, where Terry Grammer and I met with the Board of MOD to discuss the Joint Venture and strategy going forward for MOD both with regard to the Joint Venture as well as MODs non-JV licences. Following these meetings I believe that there is a clear understanding of how MOD wishes to progress matters. It is clear that MOD wish to progress the T3 project to production whilst expanding exploration within the JV as well as in areas outside of the JV to hopefully demonstrate the tremendous potential of the region. Metal Tiger is fully supportive and on board with their strategy and believes that this exercise of our warrants demonstrates the Company’s intentions.
On a side note, Alastair Middleton, Technical Director of Metal Tiger has recently concluded a site visit to the JV area and other MOD licences and is currently in Cape Town for Indaba and the 121 Mining Investment conference and it is clear from his reports and meetings that there is significant interest in the exploration potential of the region.”
For further information on the Company, visit: www.metaltigerplc.com:
|Michael McNeilly(Chief Executive Officer)||Tel: +44(0)20 7099 0738|
|Keith Springall (Finance Director & Company Secretary)||Tel: +44 (0)207099 0738|
| Sean Wyndham-Quin
| Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
| Nick Emerson
| SI Capital
|Tel: +44 (0)1483 413 500|
| Andrew Monk
| VSA Capital Limited
|Tel: +44 (0)20 3005 5000|
| Gordon Poole
|Tel: +44 (0)203 757 4980|
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.
The Company’s target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger’s Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.