30th Mar 2016 08:15
Metal Tiger Plc
30 March 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
DIRECTOR SHARE PURCHASE
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource projects, is pleased to announce an acquisition of shares by Dianne Grammer wife of Terry Grammer, Chairman of Metal Tiger plc.
Highlights:
§ Dianne Grammer to personally invest A$250,000 or circa £132,431 through the issue of 4,815,667 ordinary shares in Metal Tiger at 2.75p per share, raising £132,431 for the Company;
§ Dianne Grammer to receive 4,815,667 warrants to subscribe for 4,815,667 new ordinary shares in Metal Tiger at an exercise price of 5.50p per warrant within an 18 month exercise period (i.e. one warrant at 5.50p for each ordinary share purchased at 2.75p); and
§ As with all placings undertaken in 2015 and 2016 the additional funds raised will be used to accelerate Company activities.
Paul Johnson, Chief Executive Officer of Metal Tiger plc commented: "Metal Tiger has recently seen significant progress across various company activities and notably with regard to the Botswana and Thailand interests.
This acquisition of shares at 2.75p per share by Dianne Grammer, the wife Company Chairman Terry Grammer, is a positive validation of the Company's business model and is a statement of confidence for existing shareholders and potential investors. Since July 2014 Metal Tiger Directors have invested £544,609 in purchases of Company stock.
The investment made of £132,431 is a material sum to secure from a single investor and save for the afternoon's trading yesterday has been raised at a significant premium to the trading level of the Company's shares during March 2016, or indeed since the Metal Tiger business model came to AIM in mid 2014.
The Metal Tiger approach is to drive our business forward on a proactive basis. This transaction, when combined with recent warrant exercises and the appreciation in the value of our shareholding in MOD Resources (ASX:MOD), means the Company has now secured circa £1.25 million of additional working capital in the last two weeks, over and above the working capital held previously.
Additional working capital means Metal Tiger can invest more proactively in our key strategic projects and expand our business to build value for shareholders from what we believe is the early stages of the recovery phase for the natural resource sector."
Placing and Subscription Summary:
Metal Tiger has agreed a placing with Dianne Grammer, the wife of Terry Grammer, Chairman of Metal Tiger on 29 March 2016 to raise A$250,000 or circa £132,431 gross proceeds through the issue of 4,815,667 Metal Tiger new ordinary shares at a price of 2.75p per share (the "Placing Shares").
Each Placing Share has an accompanying warrant to subscribe for an additional Metal Tiger new ordinary share at a price of 5.50p at any time within 18 months following admission to trading of the Placing Shares (a total of 4,815,667 warrants).
Under AIM Rules, Dianne Grammer being the Spouse of Terry Grammer, Chairman of the Company, is deemed to be a Related Party of the Company. Accordingly, the issue of Placing Shares and accompanying warrants constitutes a Related Party transaction. Where a company whose shares are quoted on AIM enters into such a transaction, the requirement is for those Directors of the company who are independent of the transaction to consider, after consultation with the company's nominated adviser, whether the terms of the transaction are fair and reasonable insofar as the company's shareholders are concerned.
The independent Directors (being all of the Directors of the Company except Terry Grammer) consider, having consulted with the Company's Nominated Adviser, SPARK Advisory Partners Limited, that the terms of the transaction with Dianne Grammer are fair and reasonable in so far as the Company's shareholders are concerned.
The Placing Shares are expected to be admitted to trading on or around 8th April 2016. Following the issue of the new ordinary shares, the number of ordinary shares in issue in the Company will increase to 482,472,525. For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of Metal Tiger following this allotment consists of 482,472,525 ordinary shares with voting rights attached (one vote per share). There are no shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, Metal Tiger under the DTRs.
Director Transactions in Metal Tiger plc July 2014 to March 2016:
Date | Director | Trade Type | Description | No. Shares | Price Paid (p) | Amount (£) |
29.03.16 10.03.15 09.03.16 09.03.16 07.03.16 04.03.16 | Terry Grammer Paul Johnson Paul Johnson Terry Grammer Paul Johnson Paul Johnson | Spouse-Buy Spouse-Buy Buy Buy Spouse-Buy Buy | Placing On Market On Market Option Exercise On Market On Market | 4,815,667 250,000 250,000 3,335,000 500,000 705,000 | 2.75 1.39 1.28 1.50 1.25 1.17 | 132,431 3,475 3,200 50,025 6,250 8,250 |
16.12.15 | Paul Johnson | Buy | On Market | 500,000 | 0.83 | 4,150 |
14.12.15 | Terry Grammer | Buy | Placing | 30,000,000 | 0.80 | 240,000 |
10.07.15 | Cameron Parry | Buy | Option Exercise | 2,500,000 | 1.00 | 25,000 |
10.07.15 | Paul Johnson | Buy | Option Exercise | 1,670,000 | 1.00 | 16,700 |
10.07.15 | Alex Borrelli | Buy | Option Exercise | 500,000 | 1.00 | 5,000 |
06.07.15 | Paul Johnson | Buy | On Market | 1,500,000 | 0.97 | 14,500 |
29.12.14 | Paul Johnson | Buy | On Market | 250,000 | 0.98 | 2,440 |
15.12.14 | Paul Johnson | Buy | On Market | 375,000 | 0.85 | 3,188 |
18.07.14 | Paul Johnson | Buy | Off Market | 3,500,000 | 0.50 | 17,500 |
18.07.14 | Alex Borrelli | Buy | Off Market | 2,500,000 | 0.50 | 12,500 |
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Total |
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| 53,150,667 |
| 544,609 |
(Note: the price paid in the table above and the % of issued share capital in the table below have been rounded to two decimal places)
Director Shareholdings (including related parties) in Metal Tiger plc at 30th March 2016 (including this placement announced today):
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| Amount |
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| % of Issued |
| Invested |
Director |
| Shares Held |
| Share Capital |
| Since July 2014 |
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Terry Grammer (Chairman) | 38,150,667 |
| 7.91% |
| £422,456 | |
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Paul Johnson (CEO) | 9,500,000 |
| 1.97% |
| £79,653 | |
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Cameron Parry (NED) | 2,500,000 |
| 0.52% |
| £25,000 | |
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Alex Borrelli (NED) | 5,400,000 |
| 1.12% |
| £17,500 | |
For further information on the Company, visit: www.metaltigerplc.com:
Paul Johnson (Chief Executive Officer) |
| Tel: +44 (0)7766 465 617 |
Terry Grammer (Non- Executive Chairman) |
| Tel: +44 (0)207 099 0738 |
Sean Wyndham-Quin Neil Baldwin Nick Emerson Andy Thacker | Spark Advisory Partners Limited (Nominated Adviser) SI Capital (Sole Broker)
| Tel: +44 (0) 2033 683 555 www.sparkadvisorypartners.com Tel: +44 (0) 1483 413 500 |
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 Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over 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 ISDX or AIM partner with whom the Company is engaged.
Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company's project based activities.
Related Shares:
MTR.L