RNS20 Jan 2020 13:52
Kalahari Metals Limited Change of Control Approvals
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Mon, 20th Jan 2020 13:43
20 January 2020
Metal Tiger plc
(“Metal Tiger” or the “Company”)
Kalahari Metals Limited – Change of Control Approvals
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update in relation to Kalahari Metals Limited (“KML”), the Botswana copper-silver (Cu-Ag) focussed explorer.
The Botswana Ministry of Mines (the “Ministry”) has granted approval for the change of control of both Kitlanya Limited (“Kitlanya”) and Triprop Holdings (Pty) Ltd (“Triprop”). Accordingly, KML now owns 100% of Kitlanya and 51% of Triprop.
As announced on 10 April 2019, KML entered into a binding agreement to acquire 100% of Kitlanya for US$700,000, to be satisfied by the issue of shares (the “Consideration Shares”), conditional on approval of the change of control of Kitlanya being granted by the Ministry and receipt of an updated letter of good standing for the licences. These conditions have now been satisfied and the Consideration Shares have been issued. As a result, Metal Tiger is now interested in 53.2% of KML.
As announced on 6 June 2018, KML entered into a binding earn-in agreement with Triprop pursuant to which it had the right to, inter alia, earn a 51% interest in Triprop by incurring US$600,000 on agreed work programmes and budgets. This condition was achieved in May 2019, with the transfer of the 51% interest in Triprop subject to the change of control being approved by the Ministry, which has now occurred. Accordingly, KML now holds a 51% interest in Triprop.
Metal Tiger looks forward to providing further updates on KML’s exploration plans following these developments.
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are delighted that KML has received further support from the Government of Botswana as it continues to develop assets in the Kalahari Copper Belt. We thank the Ministry of Mines for its approvals, which will allow KML to expand its exploration footprint on the highly prospective Kalahari Copper Belt, acquiring five exploration concessions wholly owned by Kitlanya, and earning a 51% interest in Triprop, which itself wholly owns five exploration properties.
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