The Botswana Ministry of Mines (the “Ministry”) has granted approval for the change of control of both Kitlanya Limited (“Kitlanya”) and Triprop Holdings (Pty) Ltd (“Triprop”). Accordingly, KML now owns 100% of Kitlanya and 51% of Triprop.
As announced on 10 April 2019, KML entered into a binding agreement to acquire 100% of Kitlanya for US$700,000, to be satisfied by the issue of shares (the “Consideration Shares”), conditional on approval of the change of control of Kitlanya being granted by the Ministry and receipt of an updated letter of good standing for the licences. These conditions have now been satisfied and the Consideration Shares have been issued. As a result, Metal Tiger is now interested in 53.2% of KML.
As announced on 6 June 2018, KML entered into a binding earn-in agreement with Triprop pursuant to which it had the right to, inter alia, earn a 51% interest in Triprop by incurring US$600,000 on agreed work programmes and budgets. This condition was achieved in May 2019, with the transfer of the 51% interest in Triprop subject to the change of control being approved by the Ministry, which has now occurred. Accordingly, KML now holds a 51% interest in Triprop.
Metal Tiger looks forward to providing further updates on KML’s exploration plans following these developments.
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are delighted that KML has received further support from the Government of Botswana as it continues to develop assets in the Kalahari Copper Belt. We thank the Ministry of Mines for its approvals, which will allow KML to expand its exploration footprint on the highly prospective Kalahari Copper Belt, acquiring five exploration concessions wholly owned by Kitlanya, and earning a 51% interest in Triprop, which itself wholly owns five exploration properties.
“We look forward to providing further KML related updates in the near future.”
Kalahari Metals Limited, which was incorporated in England & Wales on 3 May 2017, holds interests in 12 highly prospective exploration licences covering a total area of 8,595km2 in the Kalahari Copper Belt of Botswana, comprising seven 100% owned exploration licences and five exploration licences subject to a binding earn-in agreement with Triprop Holdings (Pty) Limited (which is now 51% owned by KML).
For further information on the Company, visit: www.metaltigerplc.com:
Michael McNeilly|| || (Chief Executive Officer) || || Tel: +44 (0)20 7099 0738 |
Mark Potter|| (Chief Investment Officer) |
| Strand Hanson Limited (Nominated Adviser) || Tel +44 (0)20 7409 3494 |
| Arden Partners plc (Broker) || Tel: +44 (0)20 7614 5900 |
| Camarco (Financial PR) || Tel: +44 (0)20 3757 4980 |
Notes to Editors:
Metal Tiger plc is admitted to the AIM market of the London Stock Exchange AIM Market ("AIM") with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.
The Company's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Direct Equities and Direct Projects.
The Direct Equities Division invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its 3.5% interest in Sandfire Resources NL (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects Division.
The Direct 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 through its interest in Kalahari Metals Limited. In Spain, the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand, Metal Tiger has interests in two potentially near-production stage lead/zinc/silver mines as well as licences, applications and critical historical data covering antimony, copper, gold, lead, zinc and silver opportunities.
The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.
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Metal Tiger plc
Source: Metal Tiger plc