4th Dec 2020 07:25
4 December 2020
Metal Tiger Plc
("Metal Tiger" or the "Company")
Investment in Marimaca Copper Corp (TSXV:MARI)
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that it has subscribed for 141,956 units in Marimaca Copper Corp (“Marimaca”), at a price of C$3.15 per unit, for a total investment of C$447,161 (approximately £257,000) as part of Marimaca’s C$28.98 million equity financing which was announced as having closed on 3 December 2020 (the “Fundraise”). Each unit consists of one common share in Marimaca and one-half of one common share purchase warrant (each whole warrant, a “Warrant”) exercisable at a price of C$4.10 for a period of 24 months following the closing date of the Fundraise (being 3 December 2020). Accordingly, Metal Tiger now holds, in aggregate, 146,956 shares in Marimaca, representing approximately 0.2% of Marimaca’s issued share capital and 70,978 Warrants.
Marimaca is a TSXV quoted copper exploration company focused on exploring and developing new sources of copper. Their flagship project is the Marimaca Copper Project in Chile’s Antofogasta Region. Marimaca recently announced the results of a Preliminary Economic Assessment for the Marimaca Copper Project which showed a US$640 million post-tax NPV8 (real) assuming a US$3.45/lb flat long-term copper price, with a post-tax IRR of 38.0%. In addition, Marimaca recently received approval for the construction of up to 365 drill pads over the next three years encompassing 3,800 hectares of highly prospective exploration ground. The company is expected to drill first targets in early Q1 2021.
For the nine months ending 30 September 2020, Marimaca reported a net income of approximately US$4.9 million and, as at 30 September 2020, reported net assets of approximately US$37.9 million.
For further information on the Company, visit: www.metaltigerplc.com:
Enquiries:
Michael McNeillyMark Potter | (Chief Executive Officer)(Chief Investment Officer) | Tel: +44 (0)20 7099 0738 |
Richard TullochJames DanceJack Botros | Strand Hanson Limited (Nominated Adviser) | Tel +44 (0)20 7409 3494 |
Paul ShackletonSteve Douglas | Arden Partners plc (Broker) | Tel: +44 (0)20 7614 5900 |
Gordon PooleJames CrothersHugo 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: Equity Investments and Project Investments.
Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its 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 for the Project Investments division.
Project Investments 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/20201203006162/en/
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