Placing of 105,999,988 new ordinary shares in Metal Tiger at a...

• Placing of 105,999,988 new ordinary shares in Metal Tiger at a placing price of 1.5p per ordinary share raising gross proceeds of £1,590,000;
• Issue of 105,999,988 warrants to subscribe for 105,999,988 new ordinary shares in Metal Tiger at an exercise price of 2p per warrant, within a 12 month exercise period (ie. one warrant at 2p for each ordinary share purchased at 1.5p);

Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented: “This funding places Metal Tiger in a strong position and enables the Company to further develop its Metal Projects division and explore value generative commercial transactions. The fund raise is the largest single sum raised by the Company and I am very pleased with the continued and new support we received from existing and new shareholders. The Company remains focused on attracting robust institutional investment and discussions of late, after receipt of the Botswanan scoping study, have indicated that we are closing in on our objective.
Since late November investors have been more focused on the corporate events surrounding Metal Tiger, rather than the underlying value in the Company’s core projects. The board believes that these projects hold significant value which is considerably in excess of the current market capitalisation. This position is supported by broker and analyst reports prepared in respect of the Company.
Given the recent interest in our Joint Venture in Botswana it is essential that we enter 2017 in a position of strength being able to demonstrate to the market, to parties interested in the project in Botswana and to our joint venture partners that we are able to meet our financial commitments.