13th May 2020 07:03
13 May 2020
Metal Tiger plc
(“Metal Tiger” or the “Company”)
Cobre: Completion of Acquisition of remaining 20% of Toucan
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that, further to its announcement of 28 April 2020, Cobre Limited (ASX: CBE) (“Cobre”) has today announced that it has completed the acquisition of the remaining 20% of shares in Toucan Gold Pty Ltd (“Toucan”), which is now 100% owned by Cobre. Accordingly, as part consideration for the remaining Toucan shares acquired, Cobre has now issued a total of 6,160,000 new Cobre shares to the vendors.
Further details on the acquisition be found here:
https://www.asx.com.au/asxpdf/20200513/pdf/44hsg96lzr7h96.pdf
The MTR Investment
As previously announced on 28 April 2020, Metal Tiger has conditionally agreed to invest a further A$310,000, at Cobre’s IPO price of A$0.20 per share, which will result in the issue of 1,550,000 new Cobre Shares to Metal Tiger (the “MTR Investment”). As Metal Tiger is a substantial shareholder in Cobre and has Board representation, the completion of the MTR Investment requires the approval of Cobre shareholders, with such approval to be sought at the Cobre’s Annual General Meeting, to be held later this year. Should shareholders approve the MTR Investment, Metal Tiger will be interested in 20,900,000 Cobre Shares, which, assuming no further shares are issued by Cobre, would result in Metal Tiger maintaining its 19.99% interest in the company.
[Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:
“This is an important step in the further development of the Perrinvale Copper Project. With complete control over the asset, Cobre can now progress the project in a manner of its own choosing at a pace which will prove exciting for shareholders. We look forward to further updates from Cobre and from Perrinvale.”
For further information on the Company, visit: www.metaltigerplc.com:
| Michael McNeilly | (Chief Executive Officer) | Tel: +44 (0)20 7099 0738 | |||
| Mark Potter | (Chief Investment Officer) | ||||
| Richard Tulloch James Dance Jack Botros | Strand Hanson Limited (Nominated Adviser) | Tel +44 (0)20 7409 3494 | |||
| Paul Shackleton Steve Douglas | Arden Partners plc (Broker) | Tel: +44 (0)20 7614 5900 | |||
| Gordon Poole James Crothers Hugo Liddy | Camarco (Financial PR) | Tel: +44 (0)20 3757 4980 |
Notes to Editors:
Metal Tiger plc is admitted to the AIM market of the London Stock Exchange AIM Market ("AIM") with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.
The Company's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Direct Equities and Direct Projects.
The Direct Equities Division invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its 3.64% interest in Sandfire Resources Limited (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects Division.
The Direct Projects Division is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.
The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200512006004/en/
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