12th Mar 2018 10:16
12 March 2018
Metal Tiger Plc
("Metal Tiger" or the "Company")
Additional Investment into MOD Resources Limited
Metal Tiger (LON: MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to announce an additional investment into MOD Resources (ASX:MOD).
Metal Tiger has invested a further A$705,000 to acquire an additional 15,000,000 MOD shares in the recent share placement made by MOD Resources, and as announced on 6 th March 2018, Metal Tiger thereby maintains its proportionate holding in MOD Resources which is currently 5.86%.
Metal Tiger also intends to take up taken up its full entitlement under the 16 for 1 rights issue of 7,887,500 shares at a cost of A$370,713 also announced on 6 th March 2018.
The issue price of A$0.047 per share for both the capital raise and the rights issue represented a discount of 9.8% to the 15-day VWAP prior to 6 th March 2018 and is expected to raise a total of circa AUD18m for MOD Resources.
Highlights:
- Metal Tiger acquires a further 15,000,000 MOD Resources shares at A$0.047 per share for a total investment of A$705,000 via participation in MOD Resources placing announced on 6 th March 2018; and
- this additional investment increases Metal Tiger's shareholding to 126,200,000 shares or 5.86% of MOD Resources issued share capital.
In addition, MTR holds 1,541,667 A$0.06 warrants exercisable until 15 April 2019.
The Company would refer you to the announcements released by MOD, which can be viewed through the following links:
https://www.asx.com.au/asxpdf/20180306/pdf/43s69nkk9y2s68.pd
https://www.asx.com.au/asxpdf/20180306/pdf/43s70s2g078z8b.pdf
Note: for the half year ended 30 June 2017 MOD Resources reported a loss for the period of $2,247,308 and total net assets of $31,504,515.
For further information on the Company, visit: www.metaltigerplc.com :
| Michael McNeilly (Chief Executive Officer) | Tel: +44(0)20 7099 0738 | |||||||
| Keith Springall (Finance Director & Company Secretary) | Tel: +44 (0)20 7099 0738 | |||||||
| Stephen Allen or Bhavesh Patel | RFC Ambrian Ltd (Nominated Adviser) | Tel +44 (0)20 3440 6800 | ||||||
| Jonathan Williams | RFC Ambrian Ltd (Joint Broker) | Tel +44 (0)20 3440 6800 | ||||||
| Nick Emerson | SI Capital (Joint Broker) | Tel: +44 (0)1483 413 500 | ||||||
| Gordon Poole James Crothers Monique Perks | Camarco (Financial PR) | Tel: +44 (0)20 3757 4980 |
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.
The Company’s target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger’s Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana, Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain, the Company has tungsten and gold interests in the highly-mineralised Extremadura region. In Thailand, Metal Tiger has interests in two potentially near-production stage silver/lead/zinc mines as well as licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180312005491/en/
Copyright Business Wire 2018
Related Shares:
MTR.L