Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
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As I said at the start of the month, share consolidations are rarely a good thing but at the moment MTR's prospects are excellent and so I think now is a good time to float the idea of a consolidation. There can certainly be no criticism on the basis of the company acting out of desperation and I would think it puts to bed the possibility of any further buy-back activity. All in all I'm in favour at the moment and hopefully things will be even better by the time of the AGM.
Sandfire Resources Limited
Since the year end, Metal Tiger has acquired a further 370,000 shares in Sandfire for an aggregate cost of £710,000 and sold 315,000 Sandfire shares at a total price of £657,000. Accordingly, Metal Tiger is currently interested in 6,351,990 Sandfire shares, representing 3.6% of Sandfire’s issued share capital.
Trident Resources Plc
Trident Resources Plc is a growth-focused diversified mining royalties and streaming company currently listed on the Standard Segment of the Official List of the London Stock Exchange and is seeking a re-listing on AIM. Metal Tiger has invested £570,000 as part of the company’s fund raise and, following its admission to AIM, would hold 2.75% of the issued share capital of that company.
Arizona Metals Corp
In May 2020 Metal Tiger invested CAN$100,000 to acquire 154,000 units in a placing recently completed by TSX-listed Arizona Metals Corp (TSX-V: AMC). Each unit consisted of one common share and one-half of a common share purchase warrant, each warrant entitling the holder to purchase one common share of Arizona Metals Corp at an exercise price of CAN$0.85 for a period of 18 months. Metal Tiger holds approximately 0.3% of the issued share capital of Arizona Metals.
Michael McNeilly CEO of Metal Tiger stated:
“The sale of our interests in our MOD joint venture and the subsequent sale of MOD to Sandfire represented a critical turning point for the Company. It has facilitated further exciting new investments, increased our liquidity and increased our asset value. Further, the sale has given the Company immediate cash flow in the term of Sandfire dividends, but also a look through to potential long term cash flow in the form of a 2% net smelter royalty over the old MOD/Metal Tiger JV ground covering circa 8,000 km2.
“This deal, together with the new share issues during 2019 have meant that we have been able to acquire investments in Cobre and Southern Gold and to continue funding our interests in KML, thereby increasing our portfolio diversity whilst retaining our high-impact interest in exciting jurisdictions such as the Kalahari Copper Belt.”
As set out in the Notice, the Board is proposing a 1 for 10 consolidation in the ordinary shares of the Company. The number of shares the Company currently has in issue is considerably higher than that of the majority of companies on AIM with a similar market capitalisation and the Board believes that this, which results in a share price quoted in single pence, affects investor perception and share price volatility. Accordingly, the primary objective of the proposed share consolidation is to reduce the number of ordinary shares to a level which is more in line with other comparable AIM-traded companies and thereby creating a higher share price per ordinary share.