Metal Tiger PLC Participation in Thor Mining Placing (6789Q)
22 Ottobre 2019 - 9:33AM
UK Regulatory
TIDMMTR
RNS Number : 6789Q
Metal Tiger PLC
22 October 2019
22 October 2019
Metal Tiger plc
("Metal Tiger" or the "Company")
Participation in Thor Mining Placing
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, announces
that it has subscribed for 22,500,000 new ordinary shares in the
capital of Thor Mining plc (AIM/ASX: THR) ("Thor"), for a
consideration of GBP45,000, in the placing announced by Thor today
(the "Placing").
Thor has placed, in aggregate, 255,000,000 new ordinary shares
(the "Placing Shares"), raising GBP510,000, at a price of 0.2p.
141,666,667 of the Placing Shares are conditional upon shareholder
approval being received at a general meeting of Thor shareholders
(the "Conditional Placing Shares") (the "Conditional Placing").
Metal Tiger will subscribe for 10,515,464 Placing Shares in the
unconditional placing (the "Tranche A Shares") and the remaining
11,984,536 in the Conditional Placing.
Metal Tiger's investment is approximately pro-rata to its
existing shareholding in Thor and, following admission of the
Tranche A shares, Metal Tiger will be interested in 84,565,464 Thor
shares, representing approximately 9.04% of Thor's enlarged issued
share capital prior to completion of the Conditional Placing.
Assuming the Conditional Placing completes, Metal Tiger will then
hold 96,550,000 Thor shares, representing approximately 8.97% of
Thor's then enlarged issued share capital.
As set out in Thor's announcement, it intends to utilise the net
proceeds from the Placing to fund the Molyhill and Bonya tungsten
projects, as well as the In-Situ Copper Recover project in which
Thor holds an interest through its 25% stake in EnviroCopper
Ltd.
Thor is an AIM and ASX listed exploration and development
natural resources company, with interests in tungsten, molybdenum
and copper projects in Australia and the USA. For the year ended 30
June 2019, Thor reported net assets of GBP12.48 million and a net
loss of GBP0.74 million.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are deeply disappointed with the performance of Thor and
have maintained our pro-rata holding in order to protect our
investment. We see Thor management (excluding Mark Potter who was
only recently appointed) as having failed to deliver on their
targets and believe that it is essential that cost cutting measures
are taken urgently in order to reduce Thor's ongoing administrative
costs. We do believe there is investment value that can be realised
from Thor and agree that drilling at Bonya could improve the
viability of Molyhill and is therefore important. We also believe
that management needs to actively start considering new strategic
assets to help drive shareholder value and improve market
sentiment."
For further information on the Company, visit:
http://www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20
7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited (Nominated Tel +44 (0)20 7409
James Dance Adviser) 3494
Jack Botros
Nick Emerson SI Capital (Broker) Tel: +44 (0)1483
413 500
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20
James Crothers 3757 4980
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 26.5% 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 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.
END
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