TIDMMTR
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 natural resource opportunities, announces that it has
conditionally subscribed for, in aggregate, 50,000,000 new ordinary
shares of 0.01p each in the capital of Thor Mining plc ("Thor
Shares") ("Thor") at a price of A$0.005 per share, for a total
consideration of A$250,000 (the "Investment").
The Investment forms part of a fundraise by Thor, announced
earlier today, seeking to raise, in aggregate, A$970,000 (the
"Fundraise") in conjunction with entering into an exclusive option
agreement for the potential acquisition of certain uranium and
vanadium interests in the U.S (the "Option").
Thor's announcement can be viewed via the following link:
https://www.asx.com.au/asxpdf/20200601/pdf/44j8nm5x2fvrgs.pdf
As part of the Fundraise, investors have been granted one
warrant for every two Thor Shares subscribed for, exercisable at a
price of A$0.01 per share for a period of three years from the date
of issue ("Warrants"). Accordingly, as part of the Investment,
Metal Tiger will be issued with, in aggregate, 25,000,000
Warrants.
The Investment is conditional upon the approval of Thor
shareholders at a duly convened general meeting, expected to be
held in June 2020.
Completion of the Investment will increase Metal Tiger's
shareholding to 146,550,000 Thor Shares, representing approximately
11.46% of Thor's then enlarged issued share capital.
Thor intends to utilise the net proceeds from the Fundraise
to:
1. fund potential exploration activities at the uranium and vanadium
projects subject to the Option;
2. further invest in EnviroCopper Limited, with a primary objective of drill
testing the gold potential at Kapunda;
3. follow up field work at the Pilbara project where visible gold and
anomalous nickel have been encountered in early stage work; and
4. provide general working capital.
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 a net loss of GBP0.74 million. As at 31
December 2019, Thor had net assets of GBP12.1 million. Mark Potter,
Chief Investment Officer of Metal Tiger, is a Non-Executive
Director of Thor.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc,
commented:
"We continue to see significant value in Thor Mining and are
pleased to support their fund raise which has seen Thor
successfully raise money from Australian investors and secure an
option to acquire highly prospective US uranium and vanadium
exploration projects. We believe that the outlook for uranium
demand in the US is expected to be particularly robust and are
pleased Thor now has significant exposure to this commodity."
"Further, we are also pleased to see plans being made to
progress exploration drilling activities at Kapunda to define a
gold resource, and we look forward to further news in the short
term."
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:
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 3494
James Dance 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
Hugo Liddy
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: Equity
Investments and Project Investments.
Equity Investments invests in undervalued natural resource
companies. The majority of its investments are listed on AIM, the
TSX and the ASX, which includes its interest in Sandfire Resources
Limited (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 for the Project Investments division.
Project Investments is focused on the development of its key
project interests in Botswana, where Metal Tiger has a growing
interest in the large and highly prospective Kalahari copper/silver
belt through its interest in Kalahari Metals Limited.
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/20200531005034/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc
Copyright Business Wire 2020
(END) Dow Jones Newswires
June 01, 2020 02:04 ET (06:04 GMT)
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