Metal Tiger plc Kalahari Metals Limited Change of Control Approvals
21 January 2020 - 12:43AM
UK Regulatory
TIDMMTR
20 January 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited - Change of Control Approvals
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
provide an update in relation to Kalahari Metals Limited ("KML"),
the Botswana copper-silver (Cu-Ag) focussed explorer.
The Botswana Ministry of Mines (the "Ministry") has granted
approval for the change of control of both Kitlanya Limited
("Kitlanya") and Triprop Holdings (Pty) Ltd ("Triprop").
Accordingly, KML now owns 100% of Kitlanya and 51% of Triprop.
As announced on 10 April 2019, KML entered into a binding
agreement to acquire 100% of Kitlanya for US$700,000, to be
satisfied by the issue of shares (the "Consideration Shares"),
conditional on approval of the change of control of Kitlanya being
granted by the Ministry and receipt of an updated letter of good
standing for the licences. These conditions have now been satisfied
and the Consideration Shares have been issued. As a result, Metal
Tiger is now interested in 53.2% of KML.
As announced on 6 June 2018, KML entered into a binding earn-in
agreement with Triprop pursuant to which it had the right to, inter
alia, earn a 51% interest in Triprop by incurring US$600,000 on
agreed work programmes and budgets. This condition was achieved in
May 2019, with the transfer of the 51% interest in Triprop subject
to the change of control being approved by the Ministry, which has
now occurred. Accordingly, KML now holds a 51% interest in
Triprop.
Metal Tiger looks forward to providing further updates on KML's
exploration plans following these developments.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are delighted that KML has received further support from the
Government of Botswana as it continues to develop assets in the
Kalahari Copper Belt. We thank the Ministry of Mines for its
approvals, which will allow KML to expand its exploration footprint
on the highly prospective Kalahari Copper Belt, acquiring five
exploration concessions wholly owned by Kitlanya, and earning a 51%
interest in Triprop, which itself wholly owns five exploration
properties.
"We look forward to providing further KML related updates in the
near future."
Project Background
Kalahari Metals Limited, which was incorporated in England &
Wales on 3 May 2017, holds interests in 12 highly prospective
exploration licences covering a total area of 8,595km2 in the
Kalahari Copper Belt of Botswana, comprising seven 100% owned
exploration licences and five exploration licences subject to a
binding earn-in agreement with Triprop Holdings (Pty) Limited
(which is now 51% owned by KML).
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/20200120005273/en/
This information is provided by Business Wire
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