Metal Tiger plc Sprott Private Placement Offering Raises GBP4.29 million
29 March 2017 - 7:03PM
UK Regulatory
TIDMMTR
Metal Tiger Plc
("Metal Tiger" or the "Company")
Sprott Private Placement Offering Raises GBP4.29 million
Metal Tiger (LON: MTR), the natural resources investing company
is pleased to announce that further to its announcement yesterday
regarding the signing of a term sheet and engagement letter with
Sprott Capital Partners ("Sprott"), that the Offering, run by
Sprott closed at 4pm EST yesterday and was oversubscribed. Metal
Tiger has elected to accept GBP4.29 million on the same terms as
announced yesterday at the fixed price of 3p per unit under the
Offering.
The net proceeds of this 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") as set out in the announcement yesterday.
If these conditions are not met by the Closing Date, the Offering
may not occur and Metal Tiger may not raise the GBP4.29 million.
The Closing Date may be changed upon mutual agreement of Sprott and
Metal Tiger.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc
commented: "We are extremely pleased with the strong demand for
this Offering, which was oversubscribed and brings new long term
institutional shareholders on to the shareholder register. We look
forward to working with Sprott to complete this fundraising process
over the coming weeks and which will place Metal Tiger in a
position of considerable strength with exceptionally supportive
shareholders to continue to fund its copper projects in joint
venture with MOD Resources in Botswana."
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/20170329005482/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 29, 2017 04:03 ET (08:03 GMT)
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