Cobre Limited Equity Placing
Updated : 09:06
15 April 2021
Metal Tiger plc
("Metal Tiger" or the "Company")
Cobre Limited Equity Placing
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 8,311,765 new ordinary shares in ASX listed Cobre Limited (“Cobre”) at a price of AUD0.17 per share, for a total investment of approximately AUD1.413m, as part of Cobre’s AUD6.7m fundraise (the “Fundraise”) announced on 15 April 2021. This follow-on investment is subject to Cobre shareholder approval.
The funds raised by Cobre will be used primarily to finance exploration drilling activities for Kalahari Metals Limited (“KML”), the copper-silver exploration joint venture with Metal Tiger in the highly prospective Kalahari Copper Belt in Botswana.
Subject to Cobre shareholder approval, following completion of the Fundraise, Metal Tiger will hold 34,318,728 shares in Cobre representing approximately 20.72% of its issued share capital, in addition to its current 50.01% joint venture interest in KML. Subject to obtaining change in control approval from the Minister of Mineral Energy and Water Resources of the Republic of Botswana in respect of the KML group, Cobre will issue a further 445,368 new Cobre shares to the Company and Metal Tiger’s interest in KML will reduce to 49%.
Furthermore, Metal Tiger holds a 2% net smelter royalty over all KML’s wholly owned licences (unconditional following completion of the recent transaction with KML), being seven licences covering, in aggregate, 6,650km2. It is anticipated that most of the upcoming drilling will be on the areas of KML covered by the 2% net smelter royalty.
For the 6 months ending 30 December 2020, Cobre reported a net loss of AUD608,800 and, as at 30 December 2020, reported net assets of AUD8,805,549.
The link to Cobre’s press release can be found below:
Michael McNeilly commented:
“We are pleased to have supported Cobre in this equity fundraise which allows the commencement of an extensive programme of exploration drilling activities at our Kalahari Metals joint venture with Cobre. Metal Tiger shareholders will be well positioned to benefit from any upcoming exploration success at Kalahari Metals through its 49% joint venture interest, its 21% equity interest in Cobre, and its 2% net smelter royalty.
We look forward to updating shareholders in the near future as we progress these exploration activities.”
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) |
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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 pri
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