Metal Tiger plc Completion of financing arrangement secured against investment in Sandfire Resources NL
17 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Completion of financing arrangement secured against investment
in Sandfire Resources NL
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
announce that, following the receipt of 6,296,990 new ordinary
shares in Sandfire Resources NL (ASX:SFR) ("Sandfire"), announced
on 23 October 2019, it has entered into an equity derivative collar
financing arrangement ("Financing Arrangement") with a global
investment bank (the "Lender") pursuant to an Equity Option and
Loan Facility (the "Umbrella Facility").
The Financing Arrangement is secured over 1,675,125 of the
ordinary shares in the capital of Sandfire ("Sandfire Shares") held
by Metal Tiger (the "Security"), representing approximately 0.9% of
Sandfire's issued share capital.
Under the terms of the Financing Arrangement, Metal Tiger
has:
Metal Tiger has the right to elect to settle the Put and the
Call by way of physical delivery of Sandfire Shares or by way of a
cash payment reflecting the value of the Put and Call at the
time.
Costs of approximately A$0.675m associated with the financing
arrangements (inclusive of all interest obligations and the net
cost of the equity derivative collar for the term of the initial
Financing Arrangement) have been deducted from the Loan proceeds of
approximately A$8.175m to leave Metal Tiger with A$7.5m of cash
proceeds to fund:
- Metal Tiger's proposed share buy back (announced on 15 October
2019 and approved by Metal Tiger's shareholders at a general
meeting of the Company on 6 November 2019);
- Metal Tiger's participation in the Cobre IPO (as per the Metal
Tiger announcement dated 20 November 2019);
- existing and new public and private investments; and
- general working capital requirements.
Metal Tiger can agree with the Lender to utilise the balance of
Sandfire Shares held by it to increase the size of the Financing
Arrangement at a later date. If the total Loan balance outstanding
on 30 June 2020 is less than A$20m, Metal Tiger will be required to
pay a commitment fee ("Commitment Fee") to the Lender, the maximum
Commitment Fee payable by Metal Tiger is A$118,254.
Commenting on the financing arrangements, Mr Michael McNeilly,
Chief Executive Officer of Metal Tiger, said:
"Metal Tiger has been very pleased with its investment initially
in MOD Resources Ltd and now Sandfire Resources NL. We look forward
to executing on our strategy of investing in strategic natural
resource opportunities by way of the cash raised through this
financing facility and note that the financing is not only cost
effective but importantly does not include any share price based
triggers."
This announcement contains inside information for the purposes
of the market abuse regulation (EU No. 596/2014) ("MAR").
For further information on the Company, visit:
www.metaltigerplc.com:
Enquiries:
Michael McNeillytf (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
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 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 license
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20191216005876/en/
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(END) Dow Jones Newswires
December 17, 2019 02:00 ET (07:00 GMT)
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