Additional Investment into MOD Resources
Metal Tiger plc
20 April 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Additional Investment into MOD Resources
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to announce an additional investment into MOD Resources (ASX:MOD).
On 13th January 2016 Metal Tiger announced that it had invested A$350,000 to acquire 58,333,333 MOD shares at a price of A$0.006 per share and was also granted 29,166,666 ASX-listed warrants with an exercise price of A$0.01 each and an expiry date of 1st May 2018. Metal Tiger has today invested a further A$99,999.99 to acquire an additional 3,333,333 MOD shares and thus maintain its proportionate holding in MOD Resources.
§ Metal Tiger acquires a further 3,333,333 MOD Resources shares at A$0.03 per share for a total invested of A$99,999.99 via participation in MOD Resources placing announced today;
§ Through additional investment Metal Tiger's shareholding increases to 61,666,666 or 4.93% of MOD Resources issued share capital and 29,166,666 A$0.01 warrants exercisable until 1st May 2018;
§ Metal Tiger also has the right to participate in a follow on MOD Resources A$0.03 1 for 12 rights issue, further increasing its shareholding position;
§ MOD Resources (70%) and Metal Tiger (30%) joint venture project partners are proactively continuing drilling in Botswana with multiple rigs. Further drilling updates and drill assay data to follow in the near term.
We would refer to the announcement released today by MOD Resources which contains images and diagrams that may assist readers in an understanding of the project and the drilling being undertaken. This announcement can be viewed through the following link:
Note: for the half year ended 30 June 2015 MOD Resources reported a loss for the period of $643,444 and total net assets of $9,489,289.
Paul Johnson Chief Executive Officer of Metal Tiger plc commented "we are delighted to participate in this equity placing by MOD Resources which provides MOD with an additional $2million and the necessary working capital to continue operations on the ground in Botswana.
Maintaining and potentially increasing Metal Tiger's interest in MOD Resources is an obvious commercial decision given the exceptional results published thus far from Botswana. We are particularly pleased to see MOD raise funds which will enable them to continue the aggressive pace of drilling on the ground and deliver frequent news updates to market.
Metal Tiger is keen to see the rapid growth of ground operations continue in Botswana and with a significant working capital balance Metal Tiger is well placed to fund its 30% share of operational costs.
We look forward to releasing further drilling news updates with the next set of drill information and assay data expected to be released to market in the near term."
For further information on the Company, visit: www.metaltigerplc.com:
Paul Johnson (Chief Executive Officer)
Tel: +44 (0)7766 465 617
Terry Grammer (Non- Executive Chairman)
Tel: +44 (0)207 099 0738
Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
Tel: +44 (0) 1483 413 500
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 ISDX or AIM partner with whom the Company is engaged.
Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company's project based activities.
This information is provided by RNS