8th Nov 2016 14:36
Metal Tiger Plc
("Metal Tiger" or the "Company")
Issue of Equity for Services
The Board of Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource projects is pleased to announce that it has agreed to issue 1,751,128 new ordinary shares in lieu of cash for marketing, communications and other professional services provided to the Company.
291,545 shares are to be issued at 4.025 pence per new ordinary share representing a premium of 106.4% to the mid-market price at close of business on 07 November 2016 and a further 1,459,583 shares are to be issued at 3.25 pence per new ordinary share representing a premium of 66.7% to the mid-market price at close of business on 07 November 2016.
Alex Borrelli, Metal Tiger CEO commented: “It is encouraging that key service providers have opted to receive payment in Metal Tiger shares in lieu of cash and at a material premium to the share price at the time the transactions were agreed.
I believe this demonstrates a firm belief in the Company’s strategy and to maintain a long-term working relationship.
Metal Tiger continues to advance its investing activities and we look forward to updating the market with the results of our recent efforts covering existing and pipeline activities in the near future.”
The 1,751,128 new ordinary shares are expected to be admitted to trading on or around 15 November 2016. Following the issue of the new ordinary shares, the number of ordinary shares in issue in the Company will increase to 661,132,669. 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 661,132,669 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:
| Alex Borrelli (Chief Executive Officer) | Tel: +44 (0)207 099 0738 | ||
| Terry Grammer (Non-Executive Chairman) | Tel: +44 (0)207 099 0738 | ||
| Sean Wyndham-Quin
Neil Baldwin | Spark Advisory Partners Limited
(Nominated Adviser) | Tel: +44 (0)2033 683 555
www.sparkadvisorypartners.com | |
| Nick Emerson
Andy Thacker | SI Capital
(Joint Broker) | Tel: +44 (0) 1483 413 500 | |
| Andrew Monk
Andrew Raca | VSA Capital Limited
(Financial Adviser and Joint Broker) | Tel +44 (0) 20 3005 5000 |
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.
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Related Shares:
MTR.L