Participation in MOD Rights Issue
Metal Tiger Plc
19 July 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Participation in MOD Rights Issue
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) through Company participation in the MOD rights issue.
- Metal Tiger acquires a further 6,166,667 new MOD shares at A$0.024 per share as part of MOD’s oversubscribed rights issue announced yesterday;
- Further investment totals A$148,000 which has been paid from MTR’s exiting cash resources;
- Under the terms of MOD’s rights issue, Metal Tiger will also receive 1,541,667 options to subscribe for new shares in MOD at an exercise price of A$0.06 and exercisable until 15 April 2019;
- MTR now interested in 67,833,333 MOD shares or 4.76% of MOD Resources issued share capital;
- MTR’s holding is valued at approximately A$1.93m (£1.1m) as at MOD’s A$0.0285 closing share price on 18 July 2016.
- In addition Metal Tiger holds a total of 30,708,333 options as summarised below. As at todays date the 29,166,166 MOD A$0.01 options tranche are showing a paper profit exceeding £300,000 at current exchange rates.
Paul Johnson Chief Executive Officer of Metal Tiger commented:
“We are delighted to participate in MOD’s rights issue which will provide MOD with circa an additional A$3 million (before costs) and the necessary working capital to continue proactive operations on the ground in Botswana.
We are pleased to date with the results of the drill campaign at T3 as well as the continued campaign to identify potential new deposits. Furthermore it is encouraging to note the continued shareholder support, from MOD and Metal Tiger shareholders alike, for our JV Project and in particular for the rapid advancement of T3.
We look forward to updating shareholders further in the near future.”
Metal Tiger - MOD Resources Investment Summary
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 options with an exercise price of A$0.01 each and an expiry date of 1 May 2018.
Metal Tiger also announced on 20 April 2016 that it had invested a further A$99,999.99 to acquire an additional 3,333,333 MOD shares to maintain its proportionate holding in MOD Resources.
Metal Tiger announces that it has today invested A$148,000.01 to acquire an additional 6,166,667 new MOD shares and was granted 1,541,667 unlisted options with an exercise price of A$0.06 each and an expiry date of 15 April 2019. It is expected that the MOD shares will be allotted on 20 July 2016.
Note: for the financial year ended 31 December 2015 MOD Resources reported a net loss for the period of A$1,064,366 and a comprehensive net loss for the year of A$1,342,408 and total net assets of A$9,656,025.
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|
|Sean Wyndham-Quin||Spark Advisory Partners Limited||Tel: +44 (0) 2033 683 555|
|Neil Baldwin||(Nominated Adviser)|
|Nick Emerson||SI Capital||
Tel: +44 (0) 1483 413 500
|Andy Thacker||(Sole Broker)||
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.
Copyright Business Wire 2016