LONDON--(BUSINESS WIRE)--
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:
- fund potential exploration activities at the uranium and vanadium projects subject to the Option;
- further invest in EnviroCopper Limited, with a primary objective of drill testing the gold potential at Kapunda;
- follow up field work at the Pilbara project where visible gold and anomalous nickel have been encountered in early stage work; and
- 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 £0.74 million. As at 31 December 2019, Thor had net assets of £12.1 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) |
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Richard Tulloch James Dance Jack Botros |
Strand Hanson Limited (Nominated Adviser) |
Tel +44 (0)20 7409 3494 |
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Paul Shackleton Steve Douglas |
Arden Partners plc (Broker) |
Tel: +44 (0)20 7614 5900 |
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Gordon Poole James Crothers Hugo Liddy |
Camarco (Financial PR) |
Tel: +44 (0)20 3757 4980 |
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.