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Director Share Purchase

14th Dec 2015 11:16

RNS Number : 9547I
Metal Tiger PLC
14 December 2015
 

Metal Tiger Plc

14 December2015

Metal Tiger Plc

("Metal Tiger" or the "Company")

 

 

Director Share Purchase

 

Metal Tiger plc the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to announced an acquisition of shares by Terry Grammer, the Company's Chairman.

 

Highlights:

 

Chairman Terry Grammer to personally invest £240,000 through the issue of 30,000,000 ordinary shares in Metal Tiger at 0.8p per share, raising £240,000 for the Company;Placing price set at the Metal Tiger mid-market price of 0.8p at the time the transaction was agreed;Terry Grammer to receive 30,000,000 warrants to subscribe for 30,000,000 new ordinary shares in Metal Tiger at an exercise price of 1.60p per warrant, within an 18 month exercise period (i.e. one warrant at 1.60p for each ordinary share purchased at 0.80p); andAs with all placings undertaken during 2015, the additional money will be used to accelerate activities.

 

Cameron Parry, Metal Tiger CEO commented: "Metal Tiger is delighted to make this announcement which sees our Company Chairman investing in the Company and becoming the largest single shareholder with 30m shares or circa 8% for £240,000 invested.

 

In the current resource market climate the magnitude of Terry's investment will be noted by investors who currently hold shares and those monitoring Metal Tiger.

 

As a Company over the last 18 months we have set our stall out in the resources sector in readiness for the inevitable recovery. We have been fortunate that through trading gains and financings we have been able to acquire a trio of strategic resource project interests in Botswana, Spain and Thailand, each of which have tremendous upside potential.

 

Terry has a history of involvement with companies that have multiplied early investors capital many fold. His direct involvement in the identification of all three Metal Tiger strategic interests, followed by this substantial investment in the Company, is something we trust will give investors justifiable confidence in the Company's direction."

 

 

Placing and Subscription Summary

 

Metal Tiger has agreed a placing with the Company's Chairman Terry Grammer on 11 December 2015 to raise £240,000 gross proceeds through the issue of 30,000,000 Metal Tiger new ordinary shares at price per share of 0.8p (the "Placing Shares").

 

Each Placing Share issued has an accompanying warrant to subscribe for an additional Metal Tiger new ordinary share at a price of 1.60p at any time within the 18 months following admission to trading of the Placing Shares (a total of 30,000,000 warrants).

 

Under the AIM Rules, Terry Grammer, as Chairman of the Company, is deemed to be a Related Party of the Company. Accordingly, the issue of the 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 indepenent directors (being all of the Directors of the Company except Terry Grammar) consider, having consulted with the Company's Nominated Adviser, SPARK Advisory Partners Limited, that the terms of the transaction with Terry 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 22nd December 2015. Following the issue of the total Placing Shares, the number of ordinary shares in issue in the Company will increase to 374,625,795. 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 374,625,795 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.

 

For further information on the Company, visit: www.metaltigerplc.com:

 

Cameron Parry (CEO)

 

Tel: +44 (0)207 099 0738

Paul Johnson (Executive Director)

 

Tel: +44 (0)7766 465 617

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 a natural resources focused investing company quoted on the London Stock Exchange AIM Market ("AIM") with the trading code MTR and two investment divisions, Direct Projects and Direct Equities.

 

The Direct Projects division invests in mineral exploration projects operated by trusted partners on the ground. Projects are selected for their strategic significance in terms of commodity, geology, location and commerciality factors. Key strategic investments to date include Spanish Gold & Tungsten, Thai Gold, Copper & Antimony, and Botswanan Copper & Silver.

 

The Direct Equities division invests in quoted natural resource explorers and developers, with a combination of shares and warrants and seeks to generate trading profits for reinvestment into the Direct Projects division.

 

Metal Tiger'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.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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