16th Mar 2015 07:34
LONDON (Alliance News) - Metal Tiger PLC Monday said it has signed a memorandum of understanding to begin funding exploration activities in Spain under a joint venture agreement.
The company said that, following an introduction by its chairman, Terry Grammer, Metal Tiger entered into the memorandum with a party that it didn't name to begin funding exploration in Spain for tungsten and gold under the special purpose vehicle Logrosan Minerals Ltd.
Metal Tiger has the right to earn up to a 50% interest in the joint venture. The company will pay an initial EUR100,000 immediately, and the balance of up to EUR500,000 being paid during 2015 to fund the beginning of exploration work that consists of up to 5,000 metres of drilling, it said.
Metal Tiger said it will be issued shares in Logrosan in line with the funds it injects. If the company provides the total EUR500,000, it will hold 50% of the joint venture company Logrosan.
Logrosan holds one granted license and two license applications in Logrosán, a municipality of the province of Cáceres in Extremadura, Spain.
"Metal Tiger is pleased to be commencing its first exploration activities in Spain. The Board determined this Spanish project, based on the detail and level of work that had already been undertaken, and the commercial terms agreed, made this joint venture a stand-out opportunity for Metal Tiger and its shareholders," said Grammer.
By Joshua Warner; [email protected]; @JoshAlliance
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