MTR Metal Tiger Plc

 
TIDMMTR 
 
 

Metal Tiger plc

("Metal Tiger" or the "Company")

MOD Resources Update - Scheme of Arrangement Becomes Effective

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to note the announcement made by MOD Resources Ltd ("MOD") (ASX/LSE:MOD), which advises that a copy of the orders of the Supreme Court of Western Australia approving the scheme of arrangement, pursuant to which Sandfire Resources NL ("Sandfire") will acquire all of the issued shares of MOD (the "Scheme"), has been lodged with the Australian Securities and Investments Commission. Accordingly, the Scheme has become legally effective.

MOD's securities will be suspended from trading on the Australian Securities Exchange (ASX) at the close of trade today, 9 October 2019.

The admission of MOD's ordinary shares to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's Main Market has been suspended with effect from 7.30 a.m. in London today, 9 October 2019.

Michael McNeilly, Chief Executive Officer of Metal Tiger commented:

"The completion of the acquisition of MOD by Sandfire is a key milestone in Metal Tiger's history and, in our view, a transformational deal for the Kalahari Copper Belt. Since our initial investment in MOD, Metal Tiger has generated a total return on investment cost of circa 3.0x. This is, of course, excluding the future potential value of our capped US$2m net smelter royalty over T3 and the 2% uncapped net smelter royalty over the Tshukudu Exploration properties.

"We believe that the completion of this deal underlines the value of the Kalahari Copper Belt and are confident that, with royalties in place, a significant equity interest in Sandfire and our interest in Kalahari Metals Limited, Metal Tiger is extremely well placed to unlock this value for shareholders."

The full text of the MOD announcement can be read using the following link:

https://www.asx.com.au/asxpdf/20191009/pdf/449bsyg5fz7zpj.pdf

For further information on the Company, visit: www.metaltigerplc.com:

 
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 
Nick Emerson       SI Capital (Broker)         Tel: +44 (0)1483 413 500 
Gordon Poole       Camarco (Financial PR)      Tel: +44 (0)20 3757 4980 
James Crothers 
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 19.9% interest in MOD Resources Limited. 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, through its joint venture with MOD and its interest in Kalahari Metals Limited, has a growing interest in the large and highly prospective Kalahari copper/silver belt. 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20191009005268/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

October 09, 2019 04:15 ET (08:15 GMT)

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