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(Alliance News) -Â Tiger Royalties & Investments PLC on Monday said subsidiary African Pioneer PLC is looking to list on the London Stock Exchange.
Tiger Royalties holds 50.75% of African Pioneer, which has been a subsidiary of the group since 2012. Colin Bird, Tiger's chair, as well as Raju Samtani, Tiger's finance director, are both directors of African Pioneer.
African Pioneer has identified exploration assets in the mining sector based in Zambia, Namibia and Botswana and has entered into agreements to buy three companies and their projects.
The first is Zamcu Exploration Pty Ltd, which via its subsidiaries Manmar Investments One Hundred & Twenty Nine (Pty) Ltd and Manmar Investments One Three Six (Pty) Ltd holds a 70% interest in two Namibia exclusive prospecting licenses located within the Matchless amphibolite Belt of central Namibia for GBP798,981.
The second deal is for 80% of African Pioneer Zambia Ltd, which holds a 100% interest in Zambian prospecting licenses located in two areas, namely the Central Africa Copperbelt which comprises four prospecting licenses and the Zambezi area which comprises one prospecting license, for a consideration of GBP1.9 million.
Finally, it will buy Resource Capital Partners Pty Ltd, which owns the Botswana prospecting licenses located in the Kalahari Copperbelt and the Limpopo Mobile Belt, for GBP350,000.
The acquisitions are conditional on African Pioneer listing in London and, in conjunction with this, the company will be conducting a placing to raise GB1.8 million.
"Additionally, GBP100,000 of Tiger's current outstanding loan to African Pioneer will be converted into APP's ordinary shares on standard listing. As a result of the transaction, Tiger's interest in APP will be diluted from 50.75% to 4.65% on standard listing," said Tiger Royalties.
Shares in Tiger Royalties were up 60% at 0.80 pence in London on Monday.
By Lucy Heming;Â lucyheming@alliancenews.com
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