RNS13 Aug 2020 12:39
Pan Asia Metals – IPO investment commitment
(“Metal Tiger” or the “Company”)
Pan Asia Metals – IPO investment commitment
Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that, further to the Company’s announcement of 13 July 2020, it has signed a binding commitment to invest A$500,000 in Pan Asia Metals Limited’s (“PAM”), for 2,500,000 new ordinary shares at an issue price of A$0.20 per share, as part of PAM’s proposed IPO on the ASX (“IPO”). Metal Tiger will update investors on completion of PAM’s IPO, which is targeting admission to the ASX in late September.
Assuming that PAM raises the maximum contemplated amount of A$6 million pursuant to its IPO offering and Metal Tiger’s commitment is not scaled back, the Company will be interested in approximately 7.53% of PAM on its admission. Metal Tiger currently holds 7,627,477 ordinary shares in PAM, representing 7.29% of PAM’s current issued share capital
PAM is an exploration and development company focused on specialty and base metal projects in South East Asia. For the financial year ended 31 December 2019, PAM reported a net loss of approximately US$620,676 and net assets of US$6,553,964. Further information on PAM can be found via its website at www.panasiametals.com
For further information on the Company, visit: www.metaltigerplc.com
https://www.investegate.co.uk/metal-tiger-plc--mtr-/bus/pan-asia-metals---ipo-investment-commitment/20200813103500Z6192/