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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Metal Tiger Plc | LSE:MTR | London | Ordinary Share | GB00BMQC0691 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.06 | 8.00 | 10.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMTR
10 June 2020
Metal Tiger plc
("Metal Tiger" or the "Company")
Cobre Limited Drilling Commences
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that Cobre Limited (ASX: CBE) ("Cobre"), in which Metal Tiger owns a c.18.8% interest, has today announced that Cobre's third drilling programme at the Perrinvale VHMS Project ("Perrinvale") has commenced, with the diamond drill (DD) rig now onsite. The reverse circulation (RC) drill rig is due to mobilise to site this week.
Highlights:
-- Cobre's programme includes 6,000m of RC and DD drilling at Perrinvale, with the dual aim of extending current VHMS mineralisation and drill testing new targets. -- Metallurgical test work will commence on an ore sample from the Schwabe Prospect.
Cobre's full announcement including maps of prospect locations can be found here:
https://www.asx.com.au/asxpdf/20200610/pdf/44jj6twncch3xp.pdf
As announced on 28 April 2020, Metal Tiger has conditionally agreed to invest a further A$310,000, at Cobre's IPO price of A$0.20 per share, which will result in the issue of 1,550,000 new Cobre Shares to Metal Tiger (the "MTR Investment"). As Metal Tiger is a substantial shareholder in Cobre and has Board representation, the completion of the MTR Investment requires the approval of Cobre shareholders, with such approval to be sought at the Cobre's Annual General Meeting, to be held later this year. Should shareholders approve the MTR Investment, Metal Tiger will be interested in 20,900,000 Cobre Shares, which, assuming no further shares are issued by Cobre, would result in Metal Tiger's interest in the company increasing to 19.99%.
Mr Michael McNeilly, Chief Executive Officer of Metal Tiger, said:
"We are very excited by the start of this latest drilling campaign by Cobre, which follows on from the significant work which has already been done to demonstrate the potential at Perrinvale and has twin objectives of extending confirmed VHMS mineralisation beyond Schwabe prospect, while also stepping out to test new targets at Perrinvale, in order to explore the broader potential of the licence."
"We look forward to receiving early visual results before assays and analysis are performed by Cobre's specialised and experienced VHMS technical team, which are expected to further refine the focus and strategy of the second half of the budgeted drill programme."
This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) ("MAR").
For further information on the Company, visit www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738 Mark Potter (Chief Investment Officer) Richard Tulloch Strand Hanson Limited (Nominated Tel +44 (0)20 7409 3494 James Dance Adviser) Jack Botros Paul Shackleton Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900 Steve Douglas Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980 James Crothers Hugo Liddy
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200610005308/en/
CONTACT:
Metal Tiger plc
SOURCE: Metal Tiger plc Copyright Business Wire 2020
(END) Dow Jones Newswires
June 10, 2020 05:26 ET (09:26 GMT)
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