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MTR increase their investment in Mod., page-2

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freeheel

259 Posts.

09/02/17

10:29

Post #: 22479119

Originally posted by geoffsh ↑

Metal Tiger have shown their confidence in the joint venture with Mod in Botswana by increasing their stake in MOD to over 5%

Column 1

1

Column 1Exercise of Warrants in MOD Resources LimitedBUSExercise of Warrants in MOD Resources Limited
Metal Tiger plc

Metal Tiger Plc
08 February 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Exercise of Warrants in MOD Resources Limited
Metal Tiger (LON: MTR), the natural resources investing company is pleased to announce that it has today elected to conduct a strategic exercise of its 29,166,666 warrants at AUD 1 cent per warrant in MOD Resources Limited (ASX:MOD) for 29,166,666 new shares in MOD at a cost of AUD 291,667 (�178,937). Following this exercise Metal Tiger will hold 81,102,302 shares in MOD Resources Limited (MOD) representing 5.01% of the issued share capital of MOD which upon receipt of the newly issued shares will put MTR above notifiable on the ASX.
The Board is pleased that this sum, whilst modest, will contribute both to Metal Tiger and MODs 30/70 joint venture in the Kalahari Copper Belt as well as toward other expenditure by MOD on non-JV licences in the region.
Michael McNeilly, Chief Executive Officer, commented: I recently visited Perth, where Terry Grammer and I met with the Board of MOD to discuss the Joint Venture and strategy going forward for MOD both with regard to the Joint Venture as well as MODs non-JV licences. Following these meetings I believe that there is a clear understanding of how MOD wishes to progress matters. It is clear that MOD wish to progress the T3 project to production whilst expanding exploration within the JV as well as in areas outside of the JV to hopefully demonstrate the tremendous potential of the region. Metal Tiger is fully supportive and on board with their strategy and believes that this exercise of our warrants demonstrates the Companys intentions.
On a side note, Alastair Middleton, Technical Director of Metal Tiger has recently concluded a site visit to the JV area and other MOD licences and is currently in Cape Town for Indaba and the 121 Mining Investment conference and it is clear from his reports and meetings that there is significant interest in the exploration potential of the region.

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Hmmm that is interesting! So MTR have a big meeting with MOD, and thereafter MTR exercise their warrants over 12 months early and go notifiable. The plot thickens...

MOD Price at posting: 3.5¢ Sentiment: Buy Disclosure: Held

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MTR increase their investment in Mod., page-2

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