Share Name Share Symbol Market Type Share ISIN Share Description
Metal Tiger LSE:MTR London Ordinary Share GB0030493232 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 2.30p 2.25p 2.35p 2.40p 2.25p 2.30p 11,518,604 12:51:41
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -0.7 -0.1 - 25.19

Metal Tiger plc Sprott Private Placement Closes raising GBP4.85m

21/04/2017 7:46am

UK Regulatory (RNS & others)

Metal Tiger (LSE:MTR)
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Metal Tiger Plc


("Metal Tiger" or the "Company")


Sprott Private Placement Closes raising GBP4.85m


Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to announce that, further to the announcements on 29 March and 18 April 2017, it has closed its private placement offering, run by Sprott Capital Partners ("Sprott"), raising a total of GBP4,390,000 through Sprott and a further GBP460,000 through a placing and subscription of shares in the Company.


This represents the largest fundraise by the Company to date.



    -- Placing of 161,666,666 new ordinary shares in Metal Tiger at a placing 

price of 3p per ordinary share (the "Placing Shares") raising gross

proceeds of GBP4,850,000.

    -- Issue of 161,666,666 warrants to subscribe for 1,666,666 new ordinary 

shares in Metal Tiger at an exercise price of 6p per warrant, within a

5 year exercise period.

    -- Sprott to receive 4,850,000 Finder Warrants equal to3.0% of shares 

issued under the Placing. Each Finder Warrant permits the purchase of

one Warrant Share for five years from the Closing Date at a price of

GBP0.03 per unit. Upon exercise of a Finder Warrant, Sprott will be

entitled on a 1 for 1 basis to a 6p warrant with a 5 year validity. In

the event that Sprott exercised all of its 3p warrants it would be

entitled to a further 4,850,000 warrants at 6p with a 5 year validity.

    -- Placing taken place at a circa 9% premium to the previous day closing 


    -- Placing includes UK and international investors, with GBP460,000 coming 

from the UK with the international funds coming primarily from

institutional investors.

    -- Largest fund raise to date for Metal Tiger providing funds for the 

Company to advance its interests across its mining portfolio of assets

in particular T3 in Botswana where Metal Tiger has a JV with MOD

Resources, and an economic interest of 30% in the T3 project.


Michael McNeilly Chief Executive Officer of Metal Tiger commented:


"This is a significant moment for the Company raising GBP4.85m with the majority coming from institutional investors. The level of institutional support has been extremely satisfying and is demonstrable of the maturity and evolving nature of the business since the beginning of the financial year.


Metal Tiger is now well positioned to advance its main direct project interests, in particular matching its important 30% contribution toward the JV in Botswana both in regards to further exploration and to the T3 project as it moves up the development curve through PFS, DFS and ultimately to a decision to mine. This raise also gives Metal Tiger greater comfort with regard to the spin out of its Thai assets.


On behalf of the Board I thank all our existing and new shareholders for their support and we look forward to updating them further as we deliver material value."


The Placing Shares are expected to be admitted to trading on or around 27 April 2017. Following the issue of the 161,666,666 Placing Shares, the number of ordinary shares in issue in the Company will increase to 955,541,843 ordinary shares with one voting right each. For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of Metal Tiger following this allotment consists of 955,541,843 ordinary shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, Metal Tiger under the DTRs.


For further information on the Company, visit:

Michael McNeilly(Chief                              Tel: +44(0)20 7099 0738 
Executive Officer) 
Keith Springall (Finance                            Tel: +44 (0)207099 0738 
& Company Secretary) 
Sean Wyndham-Quin          Spark Advisory Partners  Tel: +44 (0) 
Neil Baldwin               Limited                  2033 683 555 
                           (Nominated Adviser) 
Nick Emerson               SI Capital               Tel: +44 (0)1483 413 500 
Andy Thacker               (Joint Broker) 
Andrew Monk                VSA Capital Limited      Tel: +44 (0)20 3005 5000 
Andrew Raca                (Joint Broker) 
Gordon Poole               Camarco                  Tel: +44 (0)203 757 4980 
James Crothers             (Financial PR) 

Notes to Editors:


Metal Tiger plc is listed on the London Stock Exchange AIM Market ("AIM") with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.


The Company's target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company's key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.


Metal Tiger's Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.


The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.


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This information is provided by Business Wire 

(END) Dow Jones Newswires

April 21, 2017 02:46 ET (06:46 GMT)

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