30 Nov 2022 08:50
30 November 2022
Metal Tiger plc
("Metal Tiger" or the "Company")
Completion of Disposal of Interest in Kalahari Metals Limited
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resources opportunities, is pleased to announce that, further to its announcement on 16 June 2022, it has completed the Share Purchase Deed with Cobre Limited (ASX: CBE) ("Cobre") to dispose of its remaining 49% interest in Kalahari Metals Limited ("KML") (the "Transaction").
Cobre, through its wholly-owned subsidiary Cobre Kalahari Pty Ltd, has acquired MTR's 24.5% interest in KML for a total cash consideration of £750,000 (the "Initial Acquisition"). On exercise by Cobre of the call option granted by MTR, Cobre has also acquired MTR's further 24.5% interest in KML (the "Call Option"), settled through the issuance of 4,632,155 shares in Cobre to MTR (the "Consideration Shares"), at a deemed issue price of $A0.29 per Consideration Share. The number of Consideration Shares was calculated by dividing £750,000 (converted into Australian dollars) by A$0.29 per Consideration Share.
In addition, Cobre has repaid in full its existing and outstanding shareholder loans made by MTR to KML (being an amount of US$1,295,071) by issuing 6,602,183 shares in Cobre to MTR (the "Exchange Shares"), at a deemed issue price of $A0.29 per Exchange Share. The number of Exchange Shares was calculated by dividing the total outstanding amount of the loan (converted into Australian dollars) by A$0.29 per Exchange Share.
Further to its announcement on 4 August 2022, Metal Tiger has received 9,808,076 placing shares in consideration for its A$1.471m investment in Cobre, as part of the second tranche of Cobre's A$7m placement. MTR now holds 46,989,136 shares in Cobre, representing approximately 20.58% of Cobre's enlarged issued share capital.
MTR has used the proceeds from the Initial Acquisition to partially fund its A$1.471m investment in Cobre.
A link to Cobre's announcement released today is set out below:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02605979-2A1417211?access_token=83ff96335c2d45a094df02a206a39ff4
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
"We are pleased to have completed the disposal of our interest in KML, which completes an important transition phase for Metal Tiger PLC as we move away from our project investment division to focus our strategy on substantially growing the Company's net assets. We retain our exposure to KML's highly prospective exploration opportunities in Botswana through our 20.58% shareholding in Cobre.
"As a business, this enables us to operate more efficiently, with greater available resource for operational improvements. I am excited for this new era for Metal Tiger, and look forward to providing further updates on our progress as we look to optimise the business and structure to deliver returns for shareholders through investment in value-accretive and high potential mineral opportunities."
For further information on the Company, visit www.metaltigerplc.com:
Enquiries:
Michael McNeilly | (Chief Executive Officer) | Tel: +44 (0)20 3287 5349 |
Mark Potter | (Chief Investment Officer) | |
James Dance Richard Johnson Robert Collins | Strand Hanson Limited (Nominated Adviser) | Tel +44 (0)20 7409 3494 |
Steve Douglas Simon Johnson | Arden Partners plc (Broker) | Tel: +44 (0)20 7614 5900 |
Gordon Poole Elfie Kent Rebecca Waterworth | 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") and the ASX Market of the Australian Securities Exchange Market ("ASX") 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.
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.
The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.