LONDON--(BUSINESS WIRE)--
14 December 2022
Metal Tiger plc
("Metal Tiger" or the "Company")
Cobre and Sandfire Resources Sign Collaboration Agreement
Collaborative Airborne Gravity Gradient Survey commissioned for basin-scale target generation over the Ngami, Kitlanya West & Kitlanya East Copper Projects in Botswana.
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resource opportunities, is pleased to note that Cobre Limited (“Cobre”) has announced that it has entered into a binding Heads of Agreement with Tshukudu Exploration (Pty) Ltd, a subsidiary of ASX-listed Sandfire Resources Limited (“Sandfire”), to procure Airborne Gravity Gradient data over its Ngami, Kitlanya West and Kitlanya East Copper Projects in Botswana.
The cost of the survey will be split equally between Cobre and Sandfire in return for Sandfire having the right to use the data for its own interpretation. As part of the agreement, Cobre will collaborate with Sandfire in the identification of analogues to the A4 and T3 deposits within Sandfire’s Motheo Production Hub.
Metal Tiger currently holds 46,989,136 shares in Cobre, representing approximately 20.58% of Cobre's issued share capital.
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% of 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, from which date the above loan will be repaid and only 1,167,542 Sandfire shares will be secured under the equity derivative financing arrangement.
A link to Cobre’s announcement, released today, is set out below:
For further information on the Company, visit: https://www.metaltigerplc.com/
Enquiries:
Michael McNeilly |
(Chief Executive Officer) |
Tel: +44 (0)20 7099 0738 |
Mark Potter |
(Chief Investment Officer) |
|
James Dance Robert Collins |
Strand Hanson Limited (Nominated Adviser) |
Tel +44 (0)20 7409 3494 |
Simon Johnson Steve Douglas |
Arden Partners plc (Broker) |
Tel: +44 (0)20 7614 5900 |
Gordon Poole Elfie Kent Rebecca Waterworth |
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.