MTR.L Share News (MTR)

(Sharecast News) - Natural resources investing company Metal Tiger said on Friday that, further to its announcement on 6 August, the Sprott offering had closed oversubscribed, raising gross proceeds of approximately £2.6m.The AIM-traded firm said that in aggregate, it raised total gross proceeds of £6.13m from the Sprott offering and the placing announced on 6 August - the largest fundraise by the company to date.It said the proceeds of the fundraising would be used to fund its portion of the commitment to the 2018 budget for its joint venture project with partners MOD Resources in the Kalahari Copper Belt in Botswana, where Metal Tiger has a 30% share.The funds would also be used for its commitment to the recently-acquired joint venture with Kalahari Metals in the same region, as well as for working capital and general corporate purposes."The board and I are extremely pleased to have raised an additional £2.6m from the Sprott offering raising more than double the minimum commitment from Sprott," said Metal Tiger chief executive officer Michael McNeilly."This brings the total amount raised on the same terms to circa £6.13m."This fundraise is the single largest investment in Metal Tiger to date and was done at a price which was significantly higher than MTR's average price over the course of 2018."McNeilly said the continued institutional support, along with support from London, meant that Metal Tiger was now "exceptionally" well-positioned to advance its investments - in particular its joint venture with MOD Resources and its investment Kalahari Metals."We believe that there is significant upside in exploration in the Kalahari Copperbelt and we believe MTR is uniquely positioned to benefit from any future exploration success."