LONDON, September 29, 2022--(BUSINESS WIRE)--
29 September 2022
Metal Tiger plc
("Metal Tiger" or the "Company")
Cobre Limited – Partial Disposal of Shares
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resource opportunities, is pleased to announce that is has disposed of 8,817,374 shares of Cobre Limited ("Cobre") at an average price of A$0.1486 per Cobre share, raising approximately A$1,310,562 of cash proceeds.
The Board of Metal Tiger made the decision to undertake this partial disposal in order to provide the Company with additional cash resources during this period of market volatility.
Following the disposal of these Cobre shares, Metal Tiger is currently interested in 25,946,722 Cobre shares, representing approximately 12.7% of Cobre’s issued share capital.
Following completion of the fundraise announced on 4 August 2022, Metal Tiger will hold 35,754,798 ordinary shares in Cobre representing approximately 16.7% of Cobre’s enlarged issued share capital. Metal Tiger’s investment will be subject to Cobre shareholder approval at an upcoming general meeting.
Mark Potter, Chief Investment Officer of Metal Tiger, commented:
"We are pleased with the progress made by Cobre over the last few weeks and continue to follow their exploration drilling campaign with great interest. Given volatile equity market conditions, the Board of Metal Tiger (excluding Michael McNeilly) decided to partially sell down some of its Cobre shareholding to increase the Company’s cash balances, but we intend to continue to hold a significant shareholding in Cobre to provide Metal Tiger shareholders with continued exposure to any future exploration success."
For further information on the Company, visit: https://www.metaltigerplc.com/
(Chief Executive Officer)
Tel: +44 (0)20 7099 0738
(Chief Investment Officer)
Strand Hanson Limited (Nominated Adviser)
Tel +44 (0)20 7409 3494
Arden Partners plc (Broker)
Tel: +44 (0)20 7614 5900
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") 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. 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/20220929005419/en/
Metal Tiger plc