12th Mar 2019 12:08
LONDON (Alliance News) - Natural resources-focused investor Metal Tiger PLC said on Monday it has exercised its option to increase its stake in Botswana investee Kalahari Metals Ltd to 50% from 34% for USD500,000.
Earlier on Monday, Metal Tiger said it had raised GBP2.0 million, by issuing 137.2 million shares at 1.45 pence per share.
The share placing was non-brokered and private, and was conducted by Sprott Capital Partners LP alongside its Sprott Global Resource Investments Ltd affiliate.
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.
"We are incredibly pleased with the work done to date by KML which has generated some compelling targets in the highly prospective Kalahari Copper Belt. As we now look to further de-risk the portfolio, we are in active discussions with the board and shareholders of KML to determine the optimal path forward for financing drilling upon receipt of environmental permits," said Chief Executive Officer Michael McNeilly.
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