Investment in Cobre Limited
Investment in Cobre Limited
LONDON--(BUSINESS WIRE)--
19 December 2022
Metal Tiger plc
(“Metal Tiger” or the “Company”)
Investment in Cobre Limited
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resources opportunities, is pleased to announce that it has invested approximately A$1m in Cobre Limited’s (“Cobre”) A$5m placing at A$0.15 per new ordinary share for a total of 6,666,667 new ordinary shares in Cobre. Metal Tiger’s subscription will be subject to Cobre shareholder approval at an extraordinary general meeting, expected to be held in late February / early March 2023. In addition, Cobre intends to launch a Share Purchase Plan to eligible shareholders in Australia and New Zealand to raise an additional A$1m and will issue circa A$0.7m in shares for services.
Proceeds from the placing, together with existing cash, will be used to accelerate exploration on the company’s tenement holding in the Kalahari Copper Belt in Botswana.
Following completion of the placing and assuming full take up of the Share Purchase Plan, Metal Tiger would be interested in 53,656,803 shares in Cobre, representing approximately 19.66%.
For the half-year ended 31 December 2021, Cobre had a net loss of A$3,650,299 and net assets of A$14,845,170.
A link to Cobre’s announcement, released today, is set out below:
For further information on the Company, visit www.metaltigerplc.com:
Enquiries:
Michael McNeilly |
(Chief Executive Officer) |
Tel: +44 (0)20 3287 5349 |
Mark Potter |
(Chief Investment Officer) |
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James Dance Richard Johnson Robert Collins |
Strand Hanson Limited (Nominated Adviser) |
Tel +44 (0)20 7409 3494 |
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Steve Douglas Simon Johnson |
Arden Partners plc (Broker) |
Tel: +44 (0)20 7614 5900 |
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Gordon Poole Elfie Kent Rebecca Waterworth |
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") and the ASX Market of the Australian Securities Exchange Market ("ASX") 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.
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.
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.
Contacts
Metal Tiger plc