LONDON--(BUSINESS WIRE)--
22 October 2020
Metal Tiger Plc
("Metal Tiger" or the "Company")
Extension to Heads of Agreement Between Cobre and KML
Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, announces that, further to the announcement on 24 August 2020, regarding the shareholders of Kalahari Metals Limited (“Kalahari Metals” or “KML”) entering into a binding heads of agreement (“HoA”) with Cobre Limited (ASX:CBE) (“Cobre”), pursuant to which Cobre will acquire up to 51% of Kalahari Metals (the “Proposed Transaction”), all parties have agreed to amend the HoA as set out below.
Under the amended HoA, the period for completion of requisite due diligence has been extended and will expire on 20 November 2020. In addition, the exclusivity period has been extended to 20 December 2020. All other terms of the HoA remain as previously announced.
All parties continue to work towards satisfying all conditions precedent as soon as possible and by no later than 20 December 2020.
Metal Tiger owns a 62.17% interest in KML and a 18.79% interest in Cobre. Following completion of the Proposed Transaction, Metal Tiger will have approximately 20.72% of the issued share capital of Cobre and would have an economic interest in Kalahari Metals of approximately 59.57% (comprising a direct interest of 49.00% and an indirect interest of 10.57% as a result of the Company’s direct interest in Cobre).
This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014).
For further information on the Company, visit: www.metaltigerplc.com:
Enquiries:
Michael McNeilly Mark Potter |
(Chief Executive Officer) (Chief Investment Officer) |
Tel: +44 (0)20 7099 0738 |
Richard Tulloch James Dance Jack Botros |
Strand Hanson Limited (Nominated Adviser) |
Tel +44 (0)20 7409 3494 |
Paul Shackleton Steve Douglas |
Arden Partners plc (Broker) |
Tel: +44 (0)20 7614 5900 |
Gordon Poole James Crothers Hugo Liddy |
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") 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.