LONDON--(BUSINESS WIRE)--
6 April 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited / Cobre Limited Update
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to note that further the announcement of 15 December 2020, at an extraordinary general meeting of Cobre Limited (“Cobre”) today, Cobre shareholders approved the resolutions relating to the Transaction, satisfying one of the key conditions to completion of the Transaction. All conditions to the Transaction have now been satisfied, save for final receipt of the change in control approval from the Minister of Mineral, Energy and Water Resources of the Republic of Botswana (the “Botswana Consent”). The Botswana Consent were received by Cobre, however, corrections were required and these corrections have been requested and are expected back in the next few weeks.
Metal Tiger currently has a 62.17% equity interest in Kalahari Metals Limited (“KML”). As announced on 15 December 2020, pursuant to the Share Purchase Agreement entered into with Cobre, following completion of the Transaction, Metal Tiger will own a 59.57% economic interest in KML (comprising a 49% direct interest and a 20.72% interest in Cobre, which, in turn, will have a 51% interest in KML).
The first technical committee meeting has already been held and proposed drill targets and budgets have been prepared for consideration by KML joint venture committee. Metal Tiger will provide an update will be provided to shareholders once plans and budgets have been formally approved and drill contracts have been awarded. It is anticipated that this will happen imminently and both parties are using best efforts to ensure that closing matters and relevant transfers are done as quickly as possible to ensure that drilling can commence as soon as possible.
The Company notes Cobre’s several press releases from today, including the results of the extraordinary general meeting.
The links to Cobre’s press releases can be found below:
Kalahari Copper Belt Botswana Presentation:
Chairman’s Address to Shareholders:
Results of Meeting:
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 two 100% owned exploration licences, five exploration licences subject to a binding earn-in agreement with Triprop Holdings (Pty) Limited (includes the Ngami Copper Project), and five exploration licences held by 100% owned subsidiary, Kitlanya Limited.
Metal Tiger holds a conditional 2% net smelter royalty over all KML’s wholly owned licences, being seven licences covering, in aggregate, 6,650km2 (together, the “Royalties”). On completion of the Transaction, it has been agreed that the conditions attached to the Royalties will fall away. The five exploration licences owned by Triprop Holdings (Pty) Limited (in which KML has a 51% interest) do not form part of the Royalties.
Further details are available under the Project Investments section of the Company’s website at: https://www.metaltigerplc.com/portfolio/project-investments/kalahari-metals.
For further information on the Company, visit: www.metaltigerplc.com
Enquiries:
Michael McNeilly |
(Chief Executive Officer) |
Tel: +44 (0)20 7099 0738 |
Mark Potter |
(Chief Investment Officer) |
|
James Dance Jack Botros Georgia Langoulant |
Strand Hanson Limited (Nominated Adviser) |
Tel +44 (0)20 7409 3494 |
Paul Shackleton Steve Douglas |
Arden Partners plc (Broker) |
Tel: +44 (0)20 7614 5900 |
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.