Metal Tiger plc Update on Cobre Investment
24 Gennaio 2020 - 11:05AM
UK Regulatory
TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Update on Cobre Investment
Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
announce that Cobre Ltd. ("Cobre") will list on the Australian
Stock Exchange ("ASX"), in conjunction with an initial public
offering ("IPO"), raising, in aggregate, A$10.0m, on or around 31
January 2020.
As per the Company's announcement on 20 November 2019, Metal
Tiger has subscribed for a total of A$2.4m as part of the IPO
fundraise and, accordingly, will be interested in 19.99% of Cobre
upon listing. Metal Tiger is pleased to note that the Cobre IPO was
heavily oversubscribed.
The total value of Metal Tiger's 19,350,000 shares in Cobre at
the IPO price of A$0.20 is equal to A$3.9m (circa GBP2.0m). Metal
Tiger has invested a total cash amount of A$2.9m into Cobre meaning
that on IPO, Metal Tiger will have an unrealised paper profit of
A$1.0m (circa GBP0.5m).
Cobre is an Australian based and focused exploration company
seeking to create shareholder value through the successful
exploration of base metal projects. It is the 80% owner of Toucan
Gold Pty Ltd, which holds a group of tenements collectively
referred to as the Perrinvale Project in central Western Australia.
As announced on 20 November 2019, Michael McNeilly, Chief Executive
Officer of Metal Tiger, is a Non-Executive Director on the Board of
Cobre.
Cobre is an Australian public company that was incorporated on
18 May 2018. As at 30 June 2019, Cobre reported net assets of
A$0.75m. For the period ended 30 June 2019, Cobre reported a loss
after tax of A$0.15m.
Further information on Cobre, including its IPO prospectus, can
be found at: www.cobre.com.au
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are delighted that Cobre will be listed on the ASX at the
end of next week. Metal Tiger has been a key part of this heavily
oversubscribed IPO. We made our initial investment in September
2019 and consider it a testament to the team at Cobre and their
assets that they will have achieved a listing on the ASX only five
months after Metal Tiger's initial investment. I anticipate that
Cobre will commence its drilling and exploration programme at the
Perrinvale project on or around the listing date and look forward
to seeing the continued progress."
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
Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Steve Douglas
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 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200124005152/en/
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(END) Dow Jones Newswires
January 24, 2020 05:05 ET (10:05 GMT)
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