Settlement of Paternoster Loan

RNS Number : 5186M
Metal Tiger PLC
16 July 2014

Metal Tiger plc

("Metal Tiger" or the "Company")


Paternoster Loan Settlement


The Board of Metal Tiger announces that, pursuant to the loan agreement dated 29 April 2013 (the "Loan Agreement") and the deed of variation of the Loan Agreement dated 21 May 2014 entered into between the Company and Paternoster Resources plc ("Paternoster"), further details of which are contained within the circular published by the Company on 22 May 2014, the Company has today entered into an agreement with Paternoster for the settlement of the loan from Paternoster (the "Loan").


Pursuant to the Loan Agreement, Paternoster provided a loan to the Company (then called Brady Exploration plc) of £60,000 in cash. The Loan is bearing interest at the rate of 10 per cent. per annum. Paternoster have today agreed to £50,000 of the Loan being settled through the issuance of 10,000,000 new ordinary shares of 0.01p each in the Company ("Ordinary Shares") at 0.5p per share (the "Loan Shares") with the balance of the Loan, plus accrued interest, being settled through the payment of £17,315.07 in cash (the "Transaction").


The Transaction with Paternoster constitutes a related party transaction under the AIM Rules for Companies as a result of Paternoster having been a substantial shareholder of the Company within the last 12 months. The directors of Metal Tiger, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the Transaction are fair and reasonable insofar as the Company's shareholders are concerned.


Following the issue of the Loan Shares, Paternoster will be interested in 26,977,675 ordinary shares in the Company representing 14.69% of the issued share capital in the Company (as enlarged by the issue of the Loan Shares). The Loan Shares will rank pari passu in all respects with the existing Ordinary Shares. Application will be made to the London Stock Exchange for the 10,000,000 Loan Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on or around 23 July 2014.


Following the issue of the Loan Shares, the Company's issued share capital consists of 183,705,803 Ordinary Shares each with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares and voting rights in the Company is 183,705,803.


The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.



For further information on the Company, visit: or contact:


Cameron Parry



Tel: +44 (0)207 099 0738

Paul Johnson

(Non-Executive Director)


Tel: +44 (0)7766 465 617

Nick Athanas

Michael McNeilly


Allenby Capital Limited

(Nominated Adviser and Joint Broker)

Tel: +44 (0) 20 3328 5656

Lucy Williams

Peterhouse Corporate Finance

(Joint Broker)

Tel: +44 (0) 20 7469 0935


This information is provided by RNS
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