Sandfire launches A$200m Entitlement Offer

18 Nov 2022 13:02

18 November 2022

Metal Tiger plc

(“Metal Tiger” or the “Company”)

Sandfire launches A$200m Entitlement Offer

Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resources opportunities, is pleased to note that Sandfire Resources Limited (“Sandfire”) has announced a A$200 million fully underwritten Entitlement Offer (the “Offer”) to repay debt and fund working capital at its Motheo operations, in Botswana.

The Offer is being conducted at a price of A$4.30 per new ordinary share, represents a 10.2% discount to Sandfire’s closing price on 17 November 2022, of A$4.79 per share, and a 9.3% discount to Sandfire’s theoretical ex-rights price of A$4.74 per share on 17 November 2022.

Sandfire is expected to issue approximately 46.6 million new shares, representing around 11.4% of its current issued capital.

The Offer will serve to strengthen Sandfire’s balance sheet, with proceeds used to repay the ANZ Corporate Debt Facility and provide increased working capital as the Motheo Copper Mine progresses from construction to first production and ramp up.

The Offer, which is fully underwritten by Macquarie Capital (Australia) Limited, comprises an institutional entitlement offer (“Institutional Entitlement Offer”) conducted on 18 November 2022, expected to raise approximately A$150-million, and a retail entitlement offer, expected to raise a further approximately A$50-million ("Retail Entitlement Offer”). The results of the Institutional Entitlement Offer will be announced on 21 November 2022, and the Retail Entitlement Offer will open on 25 November 2022 and close on 8 December 2022.

A link to Sandfire’s announcements is set out below:

https://www2.asx.com.au/markets/trade-our-cash-market/announcements.sfr

A link to Sandfire’s Entitlement Offer presentation is set out below:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02599920-6A1122862?access_token=83ff96335c2d45a094df02a206a39ff4

Metal Tiger is interested in 7,006,953 Sandfire Shares representing approximately 1.71% of Sandfire’s current issued share capital. As previously announced, 2,842,667 of the Sandfire Shares held by the Company are subject to an equity derivative financing arrangement with a global investment bank.

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

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.

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.

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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