LONDON, December 06, 2022--(BUSINESS WIRE)--
06 December 2022
Metal Tiger plc
("Metal Tiger" or the "Company")
Update on Sandfire and Margin Lending Facility
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resources opportunities, is pleased to announce that it has completed the sale of 1,300,000 shares in Sandfire Resources at approximately A$5.357 per share, raising gross proceeds of approximately A$6.929m.
Metal Tiger has used part of the proceeds of the sale to take up its pre-emptive rights in the retail component of Sandfire’s Entitlement Offer for a total investment of A$2,034,824.50 for an additional 473,215 shares in Sandfire at a price of A$4.30 per share.
Additionally, A$3.894m from the proceeds of the sale have been used to reduce the loan balance outstanding under the Margin Lending Facility to approximately A$0.85m.
The balance of approximately A$1m from the proceeds of the sale will be used for working capital.
Following disposal of the 1,300,000 Sandfire Shares, Metal Tiger is interested in 5,706,953 Sandfire Shares representing approximately 1.29% of Sandfire’s current issued share capital. Post completion of Sandfire’s Entitlement Offer, Metal Tiger will be interested in 6,180,168 Sandfire Shares representing approximately 1.39% Sandfire’s enlarged issue 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. 1,675,125 shares are secured under this facility against a loan outstanding of approximately A$7.042m falling due on 16 December 2022.
For further information on the Company, visit www.metaltigerplc.com
(Chief Executive Officer)
Tel: +44 (0)20 3287 5349
(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.
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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Metal Tiger plc