Metal Tiger PLC Update on Cobre Pty Ltd Investment (0320U)
20 Novembre 2019 - 09:24AM
UK Regulatory
TIDMMTR
RNS Number : 0320U
Metal Tiger PLC
20 November 2019
20 November 2019
Metal Tiger plc
("Metal Tiger" or the "Company")
Update on Cobre Pty Ltd Investment
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
provide an update on its investment in Cobre Pty Ltd ("Cobre"). In
light of positive pre-marketing by Cobre, Metal Tiger has entered
into a side letter with Cobre (the "Side Letter"), varying the
terms of its subscription agreement dated 2 September 2019 (the
"Subscription Agreement"), in order to allow Cobre to increase the
size of its offering and raise A$10m as part of its proposed IPO on
the Australian Stock Exchange ("ASX") (the "Cobre IPO").
Under the terms of the Side Letter, Metal Tiger will be issued
with an additional 750,000 fully paid new ordinary shares in Cobre
("Cobre Shares") for a nominal subscription price of, in aggregate,
A$1 within five business days (the "Additional Pre-IPO Shares"), in
order to compensate the Company for the dilutive effects of the
increased fundraise.
The issue of the Additional Pre-IPO Shares will increase Metal
Tiger's aggregate pre-IPO shareholding to 7,350,000 Cobre Shares,
representing approximately 15.7% of Cobre's then issued share
capital. Cobre has agreed to fully indemnify Metal Tiger for any
tax charges (or other tax) that Metal Tiger incurs on the disposal
of the Additional Pre-IPO Shares up to a capped aggregate amount of
A$30,000.
All other terms of the Subscription Agreement remain in place as
previously announced on 2 September 2019. Under the Subscription
Agreement, Metal Tiger has agreed to invest a minimum of A$2m at
A$0.20 per share in the Cobre IPO which, assuming an increased
fundraise of A$10m, will result in Metal Tiger's holding in Cobre
increasing to 17.9% on Cobre's admission to trading on the ASX
("Admission"). In addition, Metal Tiger has the right to subscribe
for additional shares under the Cobre IPO in its sole discretion,
provided that its shareholding on Admission does not exceed 19.99%
and Metal Tiger will forfeit its pre-IPO shares in Cobre (including
the Additional Pre-IPO Shares) if it does not invest at least A$2m
in the Cobre IPO. It is the current intention of the Board to
invest the full A$2.4m in the Cobre IPO to go to 19.99%. Michael
McNeilly has also been appointed as a director to the Cobre
Board.
Update on Cobre IPO
Cobre currently expects that the prospectus for its IPO will be
finalised and lodged with the Australian Securities and Investments
Commission in early December 2019, with the offer period to open
around mid-December 2019. Cobre further expects that the IPO will
close in early January 2020, with Admission shortly thereafter.
These timeframes are indicative only at this stage and may be
subject to change without notice.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"The Board is very pleased with the speed at which the team and
advisers of Cobre have worked to progress the planned IPO on the
ASX following our initial investment in September. The Board is
delighted to be able to assist Cobre as it seeks to attract further
investment and to ensure that there is adequate allocation for
other investors to enable Cobre to take more capital if needed, and
to accommodate the expected high demand for the Cobre IPO."
For further information on the Company, visit:
www.metaltigerplc.com:
Enquiries:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited Tel: +44 (0)20 7409 3494
James Dance (Nominated Adviser)
Jack Botros
Paul Shackleton Arden Partners plc Tel: +44 (0)20 7614 5900
Steve Douglas (Broker)
Gordon Poole Camarco Tel: +44 (0)20 3757 4980
James Crothers (Financial PR)
Monique Perks
Notes to Editors:
Metal Tiger plc is admitted to the AIM market of the London
Stock Exchange AIM Market ("AIM") with the trading code MTR and
invests in high potential mineral projects with a base, precious
and strategic metals focus.
The Company's target is to deliver a high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector. Metal Tiger has two investment divisions: Direct Equities
and Direct Projects.
The Direct Equities Division invests in undervalued natural
resource companies. The majority of its investments are listed on
AIM, the TSX and the ASX, which includes its 3.5% interest in
Sandfire Resources NL (ASX: SFR). The Company also considers
selective opportunities to invest in private natural resource
companies, typically where there is an identifiable path to IPO.
Through the trading of equities and warrants, Metal Tiger seeks to
generate cash for investment in the Direct Projects Division.
The Direct 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 through its interest
in Kalahari Metals Limited. In Spain, the Company has tungsten and
gold interests in the highly mineralised Extremadura region. In
Thailand, Metal Tiger has interests in two potentially
near-production stage lead/zinc/silver mines as well as licences,
applications and critical historical data covering antimony,
copper, gold, lead, zinc and silver opportunities.
The Company actively assesses new investment opportunities on an
on-going basis and has access to a diverse pipeline of new
opportunities in the natural resources and mining sectors. For
pipeline opportunities deemed sufficiently attractive, Metal Tiger
may invest in the project or entity by buying publicly listed
shares, by financing privately and/or by entering into a joint
venture.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
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