4 Dec 2014 09:38
Metal Tiger plc
("Metal Tiger" or the "Company")
Completion of £150,000 equity investment in Kibo Mining plc
Further to the announcement of 21 November 2014, the Board of Metal Tiger (LON:MTR) is pleased to announce that the Company has made payment of the £150,000 of subscription monies in respect of the investment by Metal Tiger in 10,000,000 new ordinary shares in Kibo (the "Subscription Shares"), as further detailed in the announcement of 21 November 2014.
Application will be made by Kibo for the Subscription Shares to be admitted to trading on AIM and the JSE AltX markets ("Admission"). It is expected that Admission will become effective on or around 8 December 2014.
Following Admission, Metal Tiger will have a beneficial interest in 10,000,000 ordinary shares in Kibo representing 3.65% of Kibo's issued share capital.
As detailed in the announcement of 21 November 2014 Metal Tiger has also entered into a memorandum of understanding ("MOU") on Kibo's prospective uranium properties. Under the MOU Metal Tiger has 90 days to complete its due diligence and within which period the parties are to complete and sign a binding joint venture agreement. Metal Tiger is in the process of due diligence at the present time. Should Metal Tiger successfully complete their due diligence and sign a joint venture agreement, Metal Tiger will be issued with warrants over 10,000,000 new ordinary shares in Kibo exercisable within a three-year term at an exercise price of 3p each.
For further information on the Company, visit: www.metaltigerplc.com or contact:
Cameron Parry (CEO)
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| Tel: +44 (0)207 099 0738 |
Paul Johnson (Non-Executive Director)
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| Tel: +44 (0)7766 465 617 |
Nick Athanas Alex Price
| Allenby Capital Limited (Nominated Adviser) | Tel: +44 (0) 20 3328 5656 |
Nick Emerson Andy Thacker
| SI Capital Limited (Sole Broker) | Tel: +44 (0)1483 413 500 |