13 Jul 2020 08:47
13 July 2020
Metal Tiger plc
(“Metal Tiger” or the “Company”)
Pan Asia Metals – Planned IPO and Corporate Update
Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to provide an update in respect of Pan Asia Metals Ltd (“PAM”). PAM is a privately owned, South East Asian focused metals exploration and development company, with a focus on lithium and tungsten, in which Metal Tiger currently has a 7.29%.
Highlights
PAM initial public offering (“IPO”) prospectus lodged with the Australian Securities and Investment Commission (“ASIC”), following in-principal approval received from the Australian Securities Exchange (“ASX”) on 8 July 2020.Indicative IPO timetable established, with anticipated listing date set for late September 2020.Metal Tiger intending to participate in the IPO offering.Special Prospecting Licence TSPL1/2563, for the Khao Soon Tungsten Project, granted to PAM by Thailand Department of Primary Industry and Mines (“DPIM”). Application TSPLA1/2562, is progressing and is currently expected to be awarded to PAM before completion of the IPO.Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are pleased to report that PAM has now lodged its prospectus for an IPO on the ASX. With lead brokers appointed, it is anticipated that PAM’s IPO will complete in late September 2020.
“Following an early and effective governmental response to the COVID-19 pandemic, business in Thailand is returning to normal, the Khao Soon Tungsten Project Special Prospecting Licence TSPL1/2563 has now been granted and PAM is actively progressing both office and field based exploration activities.
“We look forward to supporting PAM as it continues to progress the IPO and will announce further updates as appropriate .”
PAM IPO
The Company is pleased to announce that PAM has lodged its IPO prospectus with ASIC following in-principal approval received from the ASX on 8 July 2020. PAM has engaged Baker Young and Maqro Capital as Co-lead Managers of the IPO. An indicative timetable for the IPO process has been published, targeting a listing date in late September 2020. Metal Tiger currently intends to participate in the IPO offering.
Khao Soon Tungsten Project – TSPL1/2563 Special Prospecting Licence Granted
Special Prospecting Licence TSPL1/2563, covering the western part of the Khao Soon Tungsten Project (“KSTP”) area, has now been granted to PAM by the DPIM. A second licence for the north and eastern part of the project area (TSPLA1/2562) is currently progressing through the application process and PAM expects to receive this licence before completion of the IPO.
The TSPL1/2563 licence area contains the Target 2 tungsten prospect, which PAM categorises as a high priority drill target based on PAM’s recent induced polarisation (“IP”) geophysics programme. Target 2 consists of a strong tungsten in soil anomaly with proximal tungsten mineralisation in laterite. Shallow air-core scout drilling has confirmed local tungsten mineralisation in bedrock confirming the high priority status. The licence area also contains several other tungsten prospects.
Subject to funding, PAM is currently preparing to drill at Target 2 with the aim of commencing drilling around the time of its IPO.
Further information on PAM
PAM is a private Singapore registered specialty metals exploration and development company focused on the exploration and development of specialty and base metal projects in South East Asia’s tin tungsten belt. PAM has four wholly owned projects: Reung Kiet Lithium Project (“RKLP”); KSTP, Bang Now Lithium Project (“BNLP”); and the Minter Tungsten Project (“MTP”). RKLP, KSTP and BNLP are located in southern Thailand, whilst MTP is located in the Lachlan Fold Belt, NSW, Australia.
Metal Tiger currently holds 7,627,447 ordinary shares in PAM, representing 7.29% of PAM’s issued share capital.
For more information on PAM please visit their website www.panasiametals.com.
For further information on the Company, visit: www.metaltigerplc.com
Enquiries:
Michael McNeilly Mark Potter | (Chief Executive Officer) (Chief Investment Officer) | Tel: +44 (0)20 7099 0738 |
Richard Tulloch James Dance Jack Botros | Strand Hanson Limited (Nominated Adviser) | Tel +44 (0)20 7409 3494 |
Paul Shackleton Steve Douglas | Arden Partners plc (Broker) | Tel: +44 (0)20 7614 5900 |
Gordon Poole James Crothers Hugo Liddy | 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") 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200713005233/en/
Copyright Business Wire 2020