11th Feb 2019 12:10
LONDON (Alliance News) - Metal Tiger PLC said Monday that it intends to raise GBP1.0 million via the issue of 70.0 million shares at 1.45 pence each.
Metal Tiger shares were trading up 5.0% at 1.36p each on Monday.
The natural resources investor will also issue to participants in the placing one warrant for every two shares subscribed for. Each warrant will entitle the holder to acquire one new share at 2p during a two-year period from the date of admission.
Furthermore, Metal Tiger said that it has signed a non-binding term sheet with Sprott Capital Partners LP and certain of its affiliates. Sprott will act as finders on behalf of the company in order to complete a non-brokered private placement to raise up to GBP3.0 million through the issue of new shares at 1.45p.
Furthermore, the Sprott offering will entitle shareholders to the issue of one warrant for every two Metal Tiger shares subscribed for. Each Metal Tiger warrant will entitle the holder to acquire one new share at 2p during a two-year period.
Chief Executive Officer Michael McNeilly said: "We are very pleased with the level of support we have received in respect of the placing from new and existing investors. The placing will enable Metal Tiger to, among other things, enter into constructive negotiations with Kalahari Metals, regarding the company potentially providing further financing for proposed exploration drilling at the Okavango and Ngami projects [Botswana]. It will also allow us to continue to take advantage of opportunities that are identified by the company."
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