MTR.L Regulatory News (MTR)

2 Feb 2018 12:15

02 February, 2018

Metal Tiger Plc

("Metal Tiger" or the "Company")

KEMCO PLC IPO update

Metal Tiger Plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, announces that the Board has taken the decision to postpone the IPO of its Thai Joint Venture (“JV”) over the two lead-zinc-silver mines, Song Toh and Boh Yai until further notice.

Following discussions with representatives of the Department of Primary Industries and Mines (“DPIM”), including the Director General and the Director of Concessions, the Company believes that the consideration by cabinet of the Minerals Management Master Plan (the “Master Plan”) will be delayed until a date which is expected to be in March 2018, though can give no guarantees on the exact timing of consideration or approval.

Given the current uncertainty around timing of consideration by Cabinet of the Master Plan and the designation of the Song Toh and Boh Yai mines being designated as mineral deposit areas for mining (“MDAs”), the Company believes it prudent to postpone the timing of the proposed IPO until further clarity is gained.

The Company has undertaken an operational review and implemented a substantial cost cutting program to reduce ongoing monthly spend. Furthermore, the Company has halted all capital-intensive programs needed to bolster submissions for the permitting process, such as the commencement of the water monitoring program until further notice.

Internal DPIM guidance on holding public hearings is expected to be published following the Master Plan being approved. Holding this public hearing is the first step in the permitting process and is a key condition precedent for any IPO. The Company is ready to make its initial submission for the permitting process for the two lead-zinc-silver mines upon approval of the Master Plan and completion of the public hearing process. The majority of the work for the Thai IPO has been largely completed and any resumption of work on the IPO would require relatively modest updates.

Metal Tiger has had encouraging preliminary conversations with its JV partner in relation to the terms of the current JV and is seeking an improved deal given the circumstances and the significant work completed to date. Any deal would be for minimal consideration, in light of Metal Tiger’s significant contributions to the project to date, and would be conditional on the Master Plan being approved. Any deal would have to include material ownership in the project.

Pre-IPO Investors

On 6 November 2017, Metal Tiger advised that 310,000 warrants (“Warrants”) in KEMCO Mining plc had converted into new Metal Tiger Shares and that agreement had been reached to extend the automatic conversion deadline for the remaining 204,500 Warrants to 28 February 2018.

Given that the Company is not currently in a position to set a further deadline, and that any future IPO date is expected to extend past 28 February 2018, this announcement will be deemed an Admission Cancellation RNS for the purposes of the KEMCO pre-IPO Warrant Instrument. As such, the remaining 204,500 Warrants will be converted into Metal Tiger shares at a 20% discount to VWAP (to be calculated by reference to the 15 trading days from the date of this announcement to 22 February 2018).

For further information on the Company, visit: www.metaltigerplc.com :

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