RE: METAL TIGER RNS28 Sep 2020 13:39
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 5,000,000 new shares in Tanga Resources Limited (“Tanga”) (ASX:TRL), at a price of A$0.03 per share, for a total investment of A$150,000 as part of Tanga’s placing of A$7.0 million (gross) as announced on 28 September 2020 (the “Placing”).
Metal Tiger has participated in the tranche 2 of the Placing, which has raised A$5.97 million (gross) and is subject to Tanga shareholder approval to be sought at Tanga’s annual general meeting, which is expected to be held in November 2020.
Following completion of the Placing, Metal Tiger will be interested in 5,000,000 Tanga shares representing approximately 1.35% of Tanga’s then issued share capital.
Tanga is an exploration and development company listed on the ASX, with exploration joint venture interests in Cote d’Ivoire as well as exploration interests in Namibia, notably the Damara Project. The proceeds of the Placing will be used primarily to conduct exploration work at the recently acquired Cote d’Ivoire exploration projects.
For the financial year ended 30 June 2019, Tanga reported a net loss of A$8.1 million and as at 31 December 2019, had total assets of A$3.5 million.
Tanga’s announcement in respect of the Placing can be viewed via the link below:
https://www.asx.com.au/asxpdf/20200928/pdf/44n26n2ztbjctp.pdf
For further information on the Company, visit: www.metaltigerplc.com
Enquiries:
Michael McNeilly
(Chief Executive Officer)
Tel: +44 (0)20 7099 0738
Mark Potter
(Chief Investment Officer)
Richard Tulloch
James Dance
Jack Botros
Strand Hanson Limited (Nominated Adviser)
Tel +44 (0)20 7409 3494
Paul Shackleton
Steve Douglas
Arden Partners plc (Broker)
Tel: +44 (0)20 7614 5900
Gordon Poole
James Crothers
Hugo 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