22 Jul 2021 07:00
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Metal Tiger plc
("Metal Tiger" or the "Company")
Investment in Anacortes Mining Corp
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resource opportunities, is pleased to announce that it has subscribed for C$1,250,000 units (the “Units”) in First Light Capital Corp (“First Light”), a capital pool under the policies of the TSX Venture Exchange, at an issue price of C$0.40 per Unit for a total consideration of approximately C$500,000 (c.£287,920).
First Light entered into a definitive agreement dated 16 June 2021 with New Oroperu Resources Inc (“New Oroperu”) to combine entities and form Anacortes Mining Corp (“Anacortes”), a new growth orientated gold company in the Americas.
Anacortes will initially be focused on continued exploration and advancement of the Tres Cruces gold project located in Peru. Tres Cruces is one of the highest-grade oxide deposits globally and hosts oxide plus sulphide Indicated resources of 2.474 Mozs at 1.65 g/t gold and Inferred resources of 104 kozs at 1.26 g/t gold, inclusive of 630 kozs of high-grade leachable gold at 1.28 g/t gold.
The investment forms part of a capital raise by First Light of C$22.0 million. The placement was met with demand from institutional, high net worth, and retail investors.
Following completion of the fundraise and completion of the business combination, the Units will convert and Metal Tiger will hold 1,250,000 common shares in Anacortes, which will represent approximately 0.5% of the enlarged share capital. Metal Tiger will also receive 625,000 warrants exercisable within 2 years at a price of C$0.55.
For the quarterly period ended 31 March 2021, New Oroperu reported net assets of C$2,041,010 and a net loss of C$254,817. For the quarterly period ended 31 March 2021, First Light reported net assets of $1,982,921 and a net loss of C$232,222.
A link to the First Light / New Oroperu press release can be found below:
First Light and New Oroperu Complete C$22,038,500 Financing In Connection With Business Combination to Create Anacortes Mining:
https://money.tmx.com/en/quote/ORO/news/5455234295742707/First_Light_and_New_Oroperu_Complete_C22038500_Financing_In_Connection_With_Business_Combination_to_Create_Anacortes_Mining
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) | Â |
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James DanceGeorgia Langoulant | Strand Hanson Limited (Nominated Adviser) | Tel +44 (0)20 7409 3494 |
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Paul ShackletonSteve Douglas | Arden Partners plc (Broker) | Tel: +44 (0)20 7614 5900 |
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Gordon PooleJames CrothersRebecca 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. 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 cash for investment for the Project Investments division.
Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.
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.
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