Investment in Tanga Resources Limited

LONDON--(BUSINESS WIRE)-- 

28 September 2020

Metal Tiger plc
(“Metal Tiger” or the “Company”)

Investment in Tanga Resources Limited

Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that it has subscribed for 5,000,000 new shares in Tanga Resources Limited (“Tanga”) (ASX:TRL), at a price of A$0.03 per share, for a total investment of A$150,000 as part of Tanga’s placing of A$7.0 million (gross) as announced on 28 September 2020 (the “Placing”).

Metal Tiger has participated in the tranche 2 of the Placing, which has raised A$5.97 million (gross) and is subject to Tanga shareholder approval to be sought at Tanga’s annual general meeting, which is expected to be held in November 2020.

Following completion of the Placing, Metal Tiger will be interested in 5,000,000 Tanga shares representing approximately 1.35% of Tanga’s then issued share capital.

Tanga is an exploration and development company listed on the ASX, with exploration joint venture interests in Cote d’Ivoire as well as exploration interests in Namibia, notably the Damara Project. The proceeds of the Placing will be used primarily to conduct exploration work at the recently acquired Cote d’Ivoire exploration projects.

For the financial year ended 30 June 2019, Tanga reported a net loss of A$8.1 million and as at 31 December 2019, had total assets of A$3.5 million.

Tanga’s announcement in respect of the Placing can be viewed via the link below:

https://www.asx.com.au/asxpdf/20200928/pdf/44n26n2ztbjctp.pdf

For further information on the Company, visit: www.metaltigerplc.com

Enquiries:

Michael McNeilly	(Chief Executive Officer)	Tel: [phone]
Mark Potter	(Chief Investment Officer)
Richard Tulloch James Dance Jack Botros	Strand Hanson Limited (Nominated Adviser)	Tel [phone]
Paul Shackleton Steve Douglas	Arden Partners plc (Broker)	Tel: [phone]
Gordon Poole James Crothers Hugo Liddy	Camarco (Financial PR)	Tel: [phone]

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.

END