Last checked at 10 Nov 2014 11:37
Paternoster Resources plc
("Paternoster" or the "Company")
Announcement by Metal Tiger plc re. Placing and Spanish Exploration Update
Paternoster is pleased to note the announcement by Metal Tiger plc ("Metal Tiger") that it has raised £400,000 (before expenses) through a placing and subscription of 66,666,663 new ordinary shares of 0.01 pence (the 'Placing Shares') each in the company at a price of 0.6 pence per Placing Share. Metal Tiger intends to use the net proceeds of the Placing to provide additional working capital and in particular to enable further funds to be deployed towards the projects in Thailand and Spain. The number of ordinary shares of 0.01 pence in the capital of the Company in issue and number of voting rights following admission will be 250,372,466.
Furthermore, Metal Tiger provided an update on its exploration licence option agreement in Spain. On 9 October 2014, Metal Tiger entered into an option agreement with Qbis Resources S.L. ('Qbis') and Diversified Asset Holdings Pty Ltd ('Diversified') for an exploration licence covering a licenced area in North-West Spain. Metal Tiger is currently in a 60 day period of exclusivity in order to complete its due diligence and finalise a formal joint venture agreement with Qbis and Diversified. Further announcements about the project will be made in due course.
For more information please contact:
Paternoster Resources plc: | |
Nicholas Lee, Chairman Matt Lofrgan, Non-Executive Director | +44 20 7580 7576 |
Nominated Advisor and Joint Broker: | |
Westhouse Securities | |
Antonio Bossi / David Coaten | +44 20 7601 6100 |
Joint Broker: | |
Peterhouse Corporate Finance | |
Lucy Williams | +44 20 7562 3351 |