Metal Tiger plc
("Metal Tiger" or the "Company")
Operational update and notice of results
Metal Tiger is pleased to provide an operational update in relation to its strategic plans as outlined in the Company's market announcement titled "Strategic Update" dated 24 July 2014.
Metal Tiger CEO, Cameron Parry, commented: "Metal Tiger is pleased to convey details of our in-country progress in Thailand which demonstrates the Company's proactive approach and business pragmatism. We are intent on providing regular updates to the market, within the constraints of commercial sensitivities, as we take steps to make investments in line with the Company's investing policy and build Metal Tiger Plc into a significant enterprise from its current level.
We are grateful for shareholders' support and communications with the Company and look forward to building on the positive progress to date."
Metal Tiger has agreed to acquire the shareholding of Black Star Gold Pty Ltd ("BlackStar") in its subsidiary company, Thai Star Resources Co., Ltd. ("ThaiStar") for nil consideration. This provides Metal Tiger with an established Thailand-based subsidiary company suitable for its local investment operations in Thailand. Notwithstanding that Metal Tiger will own 49% of ThaiStar in accordance with Thai restrictions on foreign ownership of companies by non-Thai nationals, by virtue of the share capital structure of ThaiStar, Metal Tiger will have effective voting and economic control of ThaiStar. Metal Tiger CEO, Cameron Parry, has been a director of ThaiStar since incorporation and will continue to be a director of the Thai subsidiary company.
As part of setting up its Thailand-based infrastructure, Metal Tiger is in the process of completing negotiations for operative local personnel including, but not limited to, a consulting geologist and a permitting/licensing consultant with a track record of progressing gold-focused licence applications through to mining leases in Thailand. These personnel will be engaged on a flexible and scalable basis ensuring Metal Tiger has access to the right support resources, as and when required, whilst keeping the Company's fixed cost obligations to a minimum.
Joint venture agreement progress
On 31 July 2014 Metal Tiger announced details of a memorandum of understanding with South East Asia Exploration & Mining Company Ltd. Metal Tiger is currently carrying out its due diligence investigations and is part way through the 90-day exclusivity period within which this due diligence is to be completed and a joint venture agreement ("JVA") finalised in respect of exploration applications in the Nakon Sawan, Lopburi and Chanthaburi Provinces of Thailand. Metal Tiger currently anticipates that it will be able to execute the JVA within the exclusivity period.
Forthcoming board appointment
As stated in Metal Tiger's strategic update released on 24 July 2014, the Board currently comprises three directors that provide a dynamic balance of business backgrounds and public company management. It is the intention that the Board will shortly be expanded with the addition of a well-recognised geologist and public company director. Further announcements will be made at the appropriate time.
Other investment targets
In line with the commodities focus and risk management approach of Metal Tiger outlined in the Company's strategic update of 24 July 2014, whilst Metal Tiger's primary focus is gold exploration and base metals aggregation in Southeast Asia, there are other regions and opportunities that are attractive and may be suitable for the Company.
In readiness for the next Metal Tiger investment target, and in line with the Company's branding policy, Metal Tiger's UK subsidiary company name is being changed from Brady Exploration (Operations) Ltd to Metal Horse Ltd. Metal Tiger shall provide further information on its non-Southeast Asia investing activities at the earliest appropriate opportunity.
Notice of Interim Results
The Company intends to release its interim results for the six months ended 30 June 2014 on Wednesday 24 September 2014.
For further information on the Company, visit: www.metaltigerplc.comor contact:
Tel: +44 (0)207 099 0738
Tel: +44 (0)7766 465 617
Allenby Capital Limited
(Nominated Adviser and Joint Broker)
Tel: +44 (0) 20 3328 5656
Peterhouse Corporate Finance
Tel: +44 (0) 20 7469 0935
This information is provided by RNS