17 Mar 2017 11:47
Metal Tiger Plc
17 March 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Statement re: MOD Resources Limited, Share Placement.
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities notes the announcement made by MOD Resources Limited (ASX:MOD) on 17th March 2017. The announcement highlights are:
$14.6M raised in share placement to institutions, professional and sophisticated investors (before costs) Placement was heavily oversubscribed A range of quality institutional investors join MOD’s share registerMetal Tiger holds 81,102,302 MOD shares, equivalent to 4.975% of MOD’s issued share capital and 1,541,667 MOD warrants at an exercise price of 6 cents (Australian).
Funds raised from the Placement will primarily be used towards a substantial CY17 exploration program, which aims to extend the T3 open pit to the east and west and at depth, the T3 dome, and to test other targets in the T3 area and regionally.
The Board is extremely pleased to see such high calibre institutions support our growth strategy by participating in this placement. We look forward to an exciting period of exploration and project development in this highly prospective region.”
Michael McNeilly, Chief Executive Officer said, “We’re very pleased by the news today from MOD. This financing further validates the exceptional quality of the Botswana project and we are delighted that this raise will further accelerate the joint venture work program on the ground. We look forward to continuing our work with MOD on further exploration of the T3 copper project. ”
The full text of the MOD Resources announcement of can be seen in the notes to editors or downloaded from the MOD Resources website here: http://www.modresources.com.au/asx-announcements
For further information on the Company, visit: www.metaltigerplc.com:
| Michael McNeilly (Chief Executive Officer) | Tel: +44(0)20 7099 0738 | ||||
| Keith Springall (Finance Director & Company Secretary) | Tel: +44 (0)207099 0738 | ||||
| Sean Wyndham-Quin Neil Baldwin | Spark Advisory Partners Limited (Nominated Adviser) | Tel: +44 (0) 2033 683 555
www.sparkadvisorypartners.com | |||
| Nick Emerson Andy Thacker | SI Capital (Joint Broker) | Tel: +44 (0)1483 413 500 | |||
| Andrew Monk Andrew Raca | VSA Capital Limited (Joint Broker) | Tel: +44 (0)20 3005 5000 | |||
| Gordon Poole James Crothers | Camarco (Financial PR) | Tel: +44 (0)203 757 4980 |
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.
The Company’s target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger’s Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner with whom the Company is engaged.
MOD Resources Ltd announcement
MOD Raises $14.6 Million in Oversubscribed Share Placement
$14.6M raised in share placement to institutions, professional and sophisticated investors (before costs) Placement was heavily oversubscribed A range of quality institutional investors join MOD’s share registerMOD Resources Ltd (ASX: MOD) has welcomed a number of institutional investors onto its share register as a result of a A$14.6 million oversubscribed share placement (the Placement).
MOD is actively exploring for sediment-hosted deposits in the Kalahari Copper Belt in Botswana with AIM-listed joint venture partner Metal Tiger Plc (30%).
Funds raised from the Placement will primarily be used towards a substantial CY17 exploration program, which aims to extend the T3 open pit to the east and west and at depth, the T3 dome, and to test other targets in the T3 area and regionally.
MOD is also progressing a pre-feasibility study (PFS) for an open pit mine at the potentially expanded T3 project, including baseline environmental studies and commencement of early stage permitting activities.
The Placement, which remains subject to the clearance of funds, involved receiving firm commitments from sophisticated and institutional investors for 235.42 million fully paid ordinary shares at $0.062 per share to raise $14.6 million before costs. The Placement was done using the Company’s existing placement capacity and the offer price represented a discount of approximately 2.2% to the 15-day VWAP. Blue Ocean Equities acted as the Lead Manager to the Placement. MOD has had significant exploration success in 2017 with the discovery of multiple substantial copper zones below the existing T3 resource. On 6 March 2017, MOD announced an intersection of 72.6m @ 1.5% Cu and 27g/t Ag, which included 18m @ 2.7% Cu and 52g/t Ag below T3. MOD’s Chairman, Mr Mark Clements commented “The Board is extremely pleased to see such high calibre institutions support our growth strategy by participating in this placement. We look forward to an exciting period of exploration and project development in this highly prospective region.”
-ENDS
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