Strategic Financing Update - £1.1 million raised
Metal Tiger Plc
("Metal Tiger" or the "Company")
Strategic Financing Update - £1.1 million raised
Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to advise that the Company has raised £1,100,000 through a strategic placing and subscription of shares in the Company.
- Placing and subscription of 28,571,428 new ordinary shares in Metal Tiger at a subscription price of 3.85p per ordinary share raising gross proceeds of £1,100,000;
- Issue of 28,571,428 warrants to subscribe for 28,571,428 new ordinary shares in Metal Tiger at an exercise price of 7.70p per warrant, within a 12 month exercise period (i.e. one warrant at 7.70p for each ordinary share purchased at 3.85p);
- Placing undertaken with high net worth investors, with several existing investors and also new holders of Company stock; and
- Funding to augment existing underlying working capital for strategic project developments in Spain & Thailand and notably to support an acceleration and expansion of the Company’s Botswanan investing activities.
Paul Johnson Chief Executive Officer of Metal Tiger plc commented “I am pleased to provide this financing update to shareholders and the wider market. Metal Tiger has now demonstrated on two occasions in 2016 an ability to raise £1million-plus at or around the market price at the time the placing was agreed. This is testament to the strength of the Company’s growing support, the hard work of the team and the dedication of our brokers SI Capital. Of most significance however is the commitment and financing capability of the placees who have supported this strategic financing exercise.
Metal Tiger is in a highly robust working capital position. Prior to the placing the Company had working capital of cash and tradable equities & warrants exceeding £4million. This placing of £1.1million adds material additional working capital at a significant point in the Company’s development. Metal Tiger is expanding our investing activities at pace and the additional cash resources provide the Company with the enhanced firepower to accelerate activities in a confident and proactive manner. Cash is the lifeblood of a Company such as Metal Tiger, and the demonstrable ability to raise properly priced additional finance sends a vital message to the market and to those with whom we engage as we seek to grow our business.
The additional cash raised specifically enables the Company to push forward with an expansion of our investing activities in Botswana where with Joint Venture partners MOD Resources, we are working to accelerate drilling, delineate a maiden resource at T3 and build our knowledge of the wider regional mineralisation across multiple targets within the Joint Venture licence areas as exemplified by the recent discovery of copper mineralisation at T2.
Metal Tiger continues to strengthen and we anticipate a series of news flow in the coming days and weeks from across our business.”
Placing and Subscription Summary
Metal Tiger has agreed a placing and subscription to raise £1,100,000 gross proceeds through the issue of 28,571,428 new ordinary shares in Metal Tiger at a price of 3.85p per share (the “Placing Shares”).
Each Placing Share issued has an accompanying warrant to subscribe for an additional new ordinary share at a price of 7.70p in Metal Tiger at any time within the 12 month following admission to trading of the Placing Shares (a total of 28,571,428 warrants).
The Placing Shares are expected to be admitted to trading on or around 1 September 2016. Following the issue of the total Placing Shares, the number of ordinary shares in issue in the Company will increase to 600,594,647 shares. For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of Metal Tiger following this allotment consists of 600,594,647 ordinary shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, Metal Tiger under the DTRs.
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.
Copyright Business Wire 2016