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securities laws or an exemption from such registration is
available."
Metal Tiger Plc
("Metal Tiger" or the "Company")
Term Sheet Signed with Sprott Private Wealth LP for GBP3.0
million financing
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to announce that it has signed a term sheet and
engagement letter with Sprott Private Wealth LP ("Sprott") as
exclusive agent for and on behalf of Metal Tiger plc, as part of a
GBP3 million private placement (the "Offering"). The net proceeds
from the Offering will be used to fund Metal Tiger's portion of its
commitment to 2017 budget for its Joint Venture ("JV") project with
partners MOD Resources (ASX:MOD) in the Kalahari Copper Belt in
Botswana (30% Metal Tiger / 70% MOD Resources) as well as for
working capital and general corporate purposes.
Shareholders should note that the Offering is conditional on
certain conditions being met before the closing date of 17 April
2017 ("the Closing Date"). If these conditions are not met by the
Closing Date, the Offering may not occur and Metal Tiger may not
raise the GBP3m. The Closing Date may be changed upon mutual
agreement of Sprott and Metal Tiger.
Terms of the Offering:
-- 100,000,000 units of the Company (the "Units") at a fixed price of
GBP0.03 per unit (GBP3,000,000).
-- Institutional investors are expected to subscribe for the majority of
the placing and the Offering will close at 4pm EST on the date
of this
announcement. Metal Tiger may at its discretion, should the
Offering
be oversubscribed, elect to accept a larger fundraise than
GBP3,000,000.
-- The closing date of the fundraising is expected to be on or around the
17 April 2017 and will be subject to certain conditions
highlighted
below (the "Closing Conditions").
-- Each Unit will consist of one ordinary share in the capital of the
Company (an "Ordinary Share") and one Ordinary Share purchase
warrant
("Warrant").
-- Each Warrant will be transferable and entitle the holder to acquire
one Ordinary Share (a "Warrant Share") for five years from the
Closing
Date at a price of GBP0.06.
-- Metal Tiger will pay a 6% commission on Units placed by Sprott.
-- On the Closing Date, or on the admission date of shares trading to
AIM, the Company shall issue to Sprott the number of
non-transferable
common share purchase warrants ("Finder Warrants") that equals
3.0% of
the Units placed by Sprott. Each Finder Warrant permits the
purchase
of one Warrant Share for five years from the Closing Date at a
price
of GBP0.03 per unit.
-- The Offering jurisdictions for this Offering will be all of the
provinces of Canada pursuant to available private placement
exemptions, such offshore jurisdictions as may be agreed to
between
the Company and Sprott Private Wealth LP and in the United
States on a
private placement basis only under Regulation D, Rule 144A
or
Regulation S of the United States Securities Act of 1933, as
amended,
or other available registration exemptions in the United
States;
provided that no prospectus, registration statement or
similar
document is required to be filed in such jurisdiction and the
Company
does not become subject to continuous disclosure obligations in
such
jurisdiction.
-- The Offering is contingent upon the Closing Conditions being
satisfactory results of corporate due diligence on Metal
Tiger
including favourable legal opinions of counsel to Metal Tiger
in
connection with corporate, securities and title matters
(including a
title opinion in respect of Metal Tiger's material mineral
properties
on which the proceeds of the Offering are planned to be
expended). The
Offering will also be conditional upon regulatory approvals.
-- Upon completion of due diligence; which the Directors of Metal Tiger
believe should be approximately a two week process, Metal Tiger
will
enter into an agency agreement with Sprott and Sprott's and
Metal
Tiger's respective legal counsel will draft a suitable
subscription
agreement for the placees that have taken book orders with
Sprott.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc
commented: "We are extremely pleased to have attracted the
attention of Sprott. Sprott Private Wealth LP and its affiliates,
one of the leading North American natural resources investors, have
recognised the exceptional quality of the T3 copper discovery in
Metal Tiger's Joint Venture with MOD Resources, as well as the
highly prospective exploration potential of our other JV
exploration licences. With this capital raise, we will be in a
strong position to advance the T3 exploration and feasibility study
programme with MOD Resources during 2017, and I look forward to
providing our shareholders with further updates on progress."
A further announcement will be made in due course.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly(Chief Tel: +44(0)20 7099 0738
Executive Officer)
Keith Springall (Finance Tel: +44 (0)207099 0738
Director
& Company Secretary)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)
Neil Baldwin Limited 2033 683 555
(Nominated Adviser)
www.sparkadvisorypartners.com
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
Andy Thacker (Joint Broker)
Andrew Monk VSA Capital Limited Tel: +44 (0)20 3005 5000
Andrew Raca (Joint Broker)
Gordon Poole Camarco Tel: +44 (0)203 757 4980
James Crothers (Financial PR)
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM
Market ("AIM") with the trading code MTR and invests in high
potential mineral projects with a precious and strategic metals
focus.
The Company's target is to deliver a very high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector timed to coincide, where possible, with a cyclical recovery
in the exploration and mining markets. The Company's key strategic
objective is to ensure the distribution to shareholders of major
returns achieved from disposals.
Metal Tiger's Metal 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. In Spain
Metal Tiger the Company has tungsten and gold interests in the
highly mineralised Extremadura region. In Thailand Metal Tiger has
expanding interests over licences, applications and critical
historical data covering antimony, copper, gold, silver, lead and
zinc opportunities.
The Company has access to a diverse pipeline of new
opportunities focused on the natural resource sector including
physical resource projects, new natural resource centred
technologies and resource sector related fintech opportunities.
Pipeline projects deemed commercially viable may be undertaken by
Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner
with whom the Company is engaged.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170328005849/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 28, 2017 09:05 ET (13:05 GMT)
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