11th Mar 2019 11:45
LONDON (Alliance News) - Metal Tiger PLC on Monday said it has raised GBP2.0 million in a share issue to develop its copper joint ventures in Botswana.
Metal Tiger issued 137.2 million shares at a price of 1.45 pence per share.
The placing price is a premium to its losing price on Friday last week. Shares in Metal Tiger were up 3.3% at 1.34p on Monday.
The share placing was non-brokered and private, and was conducted by Sprott Capital Partners LP alongside its Sprott Global Resource Investments Ltd affiliate.
Participants in the placing received a warrant for every two placing shares, meaning Metal Tiger will also issue 68.6 million warrants.
Exploration Capital Partners 2014 Ltd Partnership has subscribed for 69.0 million shares and will also receive 34.5 million warrants, following which it will have 206.5 million Metal Tiger shares, equivalent to a 13% stake.
In combination with its previous placing announced on February 11, Metal Tiger has raised GBP3.0 million.
The funds are to be used, alongside Metal Tiger's existing cash resources, to support development of its joint venture projects in the Kalahari copper belt in Botswana and for general working capital.
Metal Tiger is currently partnering with MOD Resources Ltd and Kalahari Metals Ltd in Botswana on a number of projects in the belt, and holds a 34% interest in Kalahari and a 13% stake in MOD.
"We are delighted to announce the raising of approximately GBP2.0 million through the Sprott offering. Sprott's continued support together with that of our existing and new shareholders is a strong sign for the company and emphasises not only the interest in the highly prospective Kalahari copper belt, a highly sought after copper district, but also in Metal Tiger's wider portfolio and management," said Metal Tiger Chief Executive Michael McNeilly.
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