TIDMMTR
Metal Tiger plc
("Metal Tiger" or the "Company")
Kalahari Metals Limited - Acquisition of Kitlanya Ltd
Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed
investor in strategic natural resource opportunities, is pleased to
announce that Kalahari Metals Limited ("KML"), in which Metal Tiger
owns 50% of the issued share capital, has entered into a binding
agreement with Resource Exploration and Development Limited
("RED"), to purchase 100% of Kitlanya Ltd ("Kitlanya") (together
with KML, the "Parties") (the "Acquisition"). Post completion of
the Acquisition, Metal Tiger's interest in KML will be diluted to
approximately 43.9%.
Kitlanya is a 100% subsidiary of RED and was previously subject
to an Earn-in Agreement between the Parties (as announced on 30
November 2018). The Parties have now agreed to terminate the
Earn-in Agreement and have executed a conditional Share Purchase
Agreement on similar terms. KML has completed US$100,000 of
exploration works on the licences held by Kitlanya and will acquire
100% of Kitlanya for US$700,000, satisfied by the issue of shares
representing approximately 13.4% of KML as enlarged by the
Acquisition. The transaction will value KML, post completion of the
Acquisition, at US$5,200,000.
The Kitlanya licences comprise five recently granted exploration
licences and cover approximately 4,651km2 of well-located
exploration tenure in the prospective Kalahari Copper Belt. The
Acquisition will increase KML's direct land position in the
Kalahari Copper Belt to approximately 8,594km2.
The Acquisition is conditional upon approval of the change of
control of Kitlanya being granted by the authorities in Botswana
and receipt of an updated letter of good standing for the licences.
Further announcements will be made in due course.
The five licences have been divided into two project areas,
namely Kitlanya West ("KIT-W") and Kitlanya East ("KIT-E"):
* KIT-E is notable for its thin Kalahari Group cover and
proximity to known deposits such as MOD Resources' T3 deposit.
Targets include prospective anticlinal hinge zones identified from
re- interpretation of historical magnetic data and drilling
combined with recently collected airborne electromagnetic data
("AEM") and soil samples
* KIT-W is situated adjacent to KML's Ngami Copper Project in
proximity to the basin margin. Re-processing and inversion of
historical AEM data has identified three prominent conductive
'dome' targets for follow-up work
* Applications for environmental permits have been submitted to
the Botswana Department of Environmental Affairs for both KIT-W and
KIT-E, with a view to drill testing targets in the latter part of
the 2019 field season
Metal Tiger intends to provide further funding to KML to support
its drilling in Q2 2019 and further announcements will be made as
and when appropriate.
Michael McNeilly, Chief Executive Officer of Metal Tiger,
commented:
"We are delighted that KML has reached an agreement to acquire
Kitlanya, which will consolidate its highly prospective exploration
interests in the Kalahari Copper Belt.We intend to demonstrate our
continued support for KML and its activities in Botswana through
the provision of further funding in due course."
Project Background
KML holds interests in 12 highly prospective exploration
licences covering a total area of 8,724km2 in the Kalahari Copper
Belt, consisting of two 100% owned exploration licences, five
exploration licences, subject to a binding earn-in agreement with
Triprop Holdings (Pty) Limited, and five exploration licences
subject to a conditional Acquisition agreement with RED.
Under an investment agreement, announced on 6 June 2018, Metal
Tiger owns 50% of KML, providing Metal Tiger with further exposure
to a largely unexplored area, adjacent to significant recent
discoveries in the highly prospective Kalahari Copper Belt.
Competent Person's Statement
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who
is a qualified geologist and acts as the Competent Person under the
AIM Rules - Note for Mining and Oil & Gas Companies. Mr
O'Reilly is a Principal consultant working for Mining Analyst
Consulting Ltd which has been retained by Metal Tiger PLC to
provide technical support.
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly (Chief Executive Officer) Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch Strand Hanson Limited Tel +44 (0)20 7409 3494
James Dance (Nominated Adviser)
Jack Botros
Nick Emerson SI Capital (Broker) Tel: +44 (0)1483 413 500
Gordon Poole Camarco (Financial PR) Tel: +44 (0)20 3757 4980
James Crothers
Monique Perks
Notes to Editors:
Metal Tiger plc is listed on 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. The Company's key strategic objective is to ensure the
distribution to shareholders of major returns achieved from
disposals. Metal Tiger has two investment divisions: Direct
Equities and Direct Projects.
The Direct Equities division invests in undervalued natural
resource companies listed on AIM, the ASX and the TSX. Through the
trading of equities and warrants, Metal Tiger seeks to generate
cash for investment in the Direct Projects division.
Metal Tiger's Direct Projects division is focused on the
development of its key project interests in Botswana, Spain and
Thailand. In Botswana, Metal Tiger, through its 10.48% interest in
MOD Resources Limited and related JV, and its 50% interest in
Kalahari Metals Limited, has a growing interest in the large and
highly prospective Kalahari copper/silver belt. In Spain, the
Company has tungsten and gold interests in the highly mineralised
Extremadura region. In Thailand, Metal Tiger has interests in two
potentially near-production stage lead/zinc/silver mines as well as
licences, applications and critical historical data covering
antimony, copper, gold, lead, zinc and silver opportunities.
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190409006073/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
April 10, 2019 02:08 ET (06:08 GMT)
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