TIDMTIR
RNS Number : 2316Z
Tiger Royalties and Investments PLC
17 September 2020
For immediate release
17 September 2020
TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the
"Company")
GBP500,000 Fundraise, Total Voting Rights
Director/PDMR Shareholding
Tiger (AIM: TRF), the royalties and proactive investments Group,
is pleased to announce, a GBP500,000 fundraising.
Fundraising: The Company has raised GBP500,000 in a non-brokered
private placement. The Fundraising comprises a conditional placing
of 214,285,714 new Ordinary Shares (the "Placing Shares") for
GBP450,000 at a price of 0.21 pence per Ordinary Share (the
"Placing Price") (the "Placing"), and a subscription by Colin Bird
and Raju Samtani, Tiger's Executive Chairman and Finance Director,
who have invested GBP20,000 and GBP30,000 to subscribe for
9,523,810 and 14,285,714 new Ordinary Shares respectively at the
Placing Price (the "Subscription Shares") (the "Subscription"),
representing 10 per cent. of the total Fundraising amount.
Accordingly, following completion of the Fundraising, Mr. Bird will
be interested in 30,954,560 Shares, representing approximately 7.3
per cent. of the Company's enlarged share Ordinary capital and Mr
Samtani will be interested in 24,153,214 Shares, representing
approximately 5.7% per cent. of the Company's enlarged share
Ordinary capital.
Use of Proceeds: The net proceeds from the Placing and the
Subscription by the Company to participate in pro-active
investments with the Company's management actively involved in
developing and managing new projects as well as being a royalty
holder in natural resource projects , and for the group's general
working capital purposes.
Related Party Transaction: As Mr. Bird and Mr Samtani are
Directors of the Company and in light of the size of his
subscription, their participation in the Fundraising is being
treated as a related party transaction pursuant to Rule 13 of the
AIM Rules for Companies. Accordingly, the independent director,
being Mr Michael Nolan, having consulted with the Company's
Nominated Adviser, consider Mr. Bird and Mr Samtani's participation
in the Fundraising to be fair and reasonable insofar as the
Company's shareholders are concerned.
Further Details on the Fundraising: Pursuant to the Placing and
the Subscription, in aggregate, 238 095,238 new Ordinary Shares
(the "Fundraising Shares") will be issued at the Placing Price to
certain new investors and Colin Bird and Raju Samtani conditional
upon admission of the Fundraising Shares to trading on AIM
("Admission"). The Placing Price represents a discount of 24 per
cent. to the closing middle market price of an Ordinary Share of
0.275 pence on 15 September 2020, being the latest dealing date
prior to the finalisation of the Fundraising. Each of the
participants in the Fundraising will also receive one warrant
exercisable at 0.28 pence for each Fundraising Share which they
have subscribed valid for two years from Admission. Half of the
warrants awarded to all the participants in the Fundraising will be
conditional on the passing of resolutions to grant authority to the
Directors to allot the new Ordinary Shares in relation to such
exercise and to disapply statutory pre-emption rights (the
"Resolutions") at a General Meeting of the Company. A circular
containing a notice convening the General Meeting will be posted to
Shareholders in due course.
The Fundraising Shares represent, in aggregate, approximately 56
per cent. of the Company's enlarged issued share capital (as
enlarged by the issue of the Fundraising Shares). The Fundraising
Shares will be fully paid
and rank pari passu in all respects with the Company's existing Ordinary Shares.
Application to trading on AIM : The Fundraising is conditional
on admission of the Fundraising Shares to trading on AIM
("Admission"). Application will be made to the London Stock
Exchange for the total of 238,095,238 Fundraising Shares to be
admitted to trading on AIM. It is expected that Admission will
become effective and that dealings in the Fundraising Shares will
commence at 8.00 a.m. on 30 September 2020.
Total Voting Rights after Fundraising : Following the issue of
the Fundraising Shares, the Company's total issued share capital
will consist of 426,942,308 Ordinary Shares with voting rights, The
Company also holds 4,500,000 Ordinary Shares in treasury but there
are no voting rights in respect of these treasury shares.
On Admission, the abovementioned figure of 426,942,308 Ordinary
Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in Tiger under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
Colin Bird, Executive Chairman of Tiger, commented :
" Tiger is actively pursuing its stated mission to acquire and
develop a portfolio of resource companies with significant
shareholding, active participation and royalties. The placing will
allow the Directors to continue its activities towards the
consummation of a number of opportunities currently under
investigation"
The following information relating to the transaction has been
filed with the FCA in accordance with Article 19(1) of the Market
Abuse Regulation,
Colin Bird
1 Details of t he p erson disc harging managerial responsib
ilities / p erson closely associated
a) Name Colin Bird
-------------------------- ----------------------------------------------------
2 Reason for notification
--------------------------------------------------------------------------------
a) Position / status Executive Chairman
-------------------------- ----------------------------------------------------
b) I nitial notification Initial
/Amendment
-------------------------- ----------------------------------------------------
3 Details of t he issu er, emission allow a n ce m a r
k et participan t, au ct ion plat for m, au ction eer
or auc tion monitor
--------------------------------------------------------------------------------
a) Name Tiger Royalties and Investments PLC
("Tiger")
-------------------------- ----------------------------------------------------
b) LEI 213800F2MNUEMO8VWP26
-------------------------- ----------------------------------------------------
4 Details of t he t ransact ion (s): section to be re
p eated for ( i) e a ch type of instr u m e n t; (ii)
each type of transac tion; (iii) each date; and ( iv)
each place w h ere transactions have b een condu cted
--------------------------------------------------------------------------------
a) Description of the Ordinary shares of 0.1 pence each
financial instrument, in Tiger
t ype of instrument
I d e ntification ISIN GB0002308525
code
-------------------------- ----------------------------------------------------
Nature of the transaction Purchase of ordinary shares
-------------------------- ----------------------------------------------------
c) Price(s) and volumes(s)
Purchase of ordinary shares Price(s) Volumes(s)
0.21p 9,523,810
-----------
-------------------------- ----------------------------------------------------
d) Aggregated information n/a
-------------------------- ----------------------------------------------------
e) Date of the transaction 17 September 2020
f) Place of the transaction XOFF
------------------------- ------------------
Raju Samtani
1 Details of t he p erson disc harging managerial responsib
ilities / p erson closely associated
a) Name Raju Samtani
-------------------------- ----------------------------------------------------
2 Reason for notification
--------------------------------------------------------------------------------
a) Position / status Executive Chairman
-------------------------- ----------------------------------------------------
b) I nitial notification Initial
/Amendment
-------------------------- ----------------------------------------------------
3 Details of t he issu er, emission allow a n ce m a r
k et participan t, au ct ion plat for m, au ction eer
or auc tion monitor
--------------------------------------------------------------------------------
a) Name Tiger Royalties and Investments PLC
("Tiger")
-------------------------- ----------------------------------------------------
b) LEI 213800F2MNUEMO8VWP26
-------------------------- ----------------------------------------------------
4 Details of t he t ransact ion (s): section to be re
p eated for ( i) e a ch type of instr u m e n t; (ii)
each type of transac tion; (iii) each date; and ( iv)
each place w h ere transactions have b een condu cted
--------------------------------------------------------------------------------
a) Description of the Ordinary shares of 0.1 pence each
financial instrument, in Tiger
t ype of instrument
I d e ntification ISIN GB0002308525
code
-------------------------- ----------------------------------------------------
Nature of the transaction Purchase of ordinary shares
-------------------------- ----------------------------------------------------
c) Price(s) and volumes(s)
Purchase of ordinary shares Price(s) Volumes(s)
0.21p 14,285,714
-----------
-------------------------- ----------------------------------------------------
d) Aggregated information n/a
-------------------------- ----------------------------------------------------
e) Date of the transaction 17 September 2020
f) Place of the transaction XOFF
------------------------- ------------------
For further information, please contact:
Tiger Royalties and
Investments Plc Raju Samtani, Director +44 (0)20 7581 4477
Roland Cornish
Beaumont Cornish (Nomad) Felicity Geidt +44 (0)20 7628 3369
Email: corpfin@bcornish.co.uk
Novum Securities Plc Jon Belliss +44 (0)20 7399 9425
(Broker)
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR").
Market Soundings, as defined in MAR, were taken in respect of the
Placing with the result that certain persons became aware of this
inside information, as permitted by MAR. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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END
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