TIDMTIR
RNS Number : 8218B
Tiger Royalties and Investments PLC
12 October 2020
For immediate release
12 October 2020
TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the
"Company")
Investment in loans and exclusive mandate to list Manganese
Assets, Total Voting Rights
Tiger (AIM: TRF), the Royalties and Proactive Investments Group,
is pleased to announce, that it has entered into an exclusive
advisory and investment agreement ("Mandate") with Metrock
Resources Ltd. ("Metrock") to oversee the listing of a number of
mineral exploration licences in Southern Botswana, comprising the
Kanye Manganese project ("Kanye").
Highlights
Exclusive Mandate:
-- Exclusive rights acquired to list Nine Manganese exploration
licences in south-central Botswana close to the town of Jwaneng
-- 25 million new Tiger ordinary shares to be issued to acquire
loan and as consideration for the exclusive rights
-- The Kanye Manganese project proposed to be incorporated in a
New-Co and listed on a recognised exchange
-- Investment of GBP131,250 to be made by Tiger in the pre-IPO investment round by New-Co
-- Tiger to manage and oversee the listing of New-Co
-- Tiger to be awarded 10 million shares in New-Co on successful completion of New-Co's IPO
-- Tiger also on such IPO to be entitled to a Net Smelter Return
("NSR") of 2 % on the Manganese Assets
Manganese Project (based on historic information made available
to Tiger):
-- 4,043 sq km land package with 125 km of potential on trend
manganese mineralisation across the licences
-- Trenching results have yielded grades of between 53% and 74% manganese oxide ("MnO")
-- Exploration work indicates a new discovery of 4m thick manganese
-- Nearby public company has a preliminary economic assessment
showing high rates of return based on a MnO grade of 27.3%
-- Manganese is experiencing increased usage in the majority of lithium ion batteries
Details of the Mandate
Under the Mandate, the Company has acquired exclusive rights for
a period of nine months to provide a listing for Metrock Resources
Ltd which owns the rights to the Botswanan Manganese Assets. Tiger
will make an equity investment of GBP131,250 in a newly
incorporated company ("New-Co") as part of a pre-IPO funding round
of approximately GBP375,000 which will be utilised to keep the
licences in good standing and to plan the next phases of
exploration work and generally to commence and oversee the IPO
process for New-Co.
The Mandate also entails Tiger receiving a further 10 million
shares upon New-Co's shares being successfully admitted for trading
on a recognised exchange together with a Net Smelter Return ("NSR")
of 2% on the Manganese Assets which may be purchased by New-Co for
GBP1 million.
The latest Metrock Resources Ltd financial statements include
outstanding loans of approximately GBP183,213 due by Metrock to its
shareholders with GBP161,140 owed to Breamline Pty Ltd and the
balancing GBP22,073 due to M&A Wealth Pty Ltd. As consideration
for Tiger acquiring the exclusive rights in the Mandate, Tiger will
issue 25 million New Ordinary Shares of 0.1 pence (New Ordinary
Shares) to acquire GBP62,500 of the total outstanding loans in
Metrock. 12.5 million of the New Ordinary Shares ("1(st) Tranche")
will be issued to the loan holders within 5 business days from the
date of this announcement and the remaining 50% of the Shares
("2(nd) Tranche") will be issued 5 business days after the Listing
of New-Co's shares on a recognized exchange.
The share price used for the loan swap calculation is 0.25 pence
per Ordinary share of 0.1 pence each being a premium of 19%
compared to the price per share of 0.25 pence at which new Shares
were issued in the recent fund raise completed by Tiger.
Background on the Manganese Assets (based on historic
information made available to Tiger)
The Kanye Manganese Project ("Kanye Project") comprises a
collection of nine prospecting licenses, namely PLs 377/2018,
378/2018, 379/2018, 420/2018, 421/2018, 423/2018, 424/2018,
425/2018 and PL129/2019, located in south-central Botswana south of
the town of Jwaneng and west of the town of Kanye and 150 km by
road from the capital Gaborone. The licenses cover a total area of
4,043 km(2) and provide the holder with the right to prospect for
"base metals, precious metals and PGMs". Eight licenses are held by
Cypress Sources Pty Ltd, a 100% owned subsidiary of Coastal
Resources Pty Ltd which in turn is 100% owned by Metrock Resources
Limited. The ninth licence is held by Coastal Minerals Pty Ltd
which is 100% owned by Coastal Resources Pty Ltd.
The target for manganese mineralisation is manganiferous shale
horizons located on the contact between the Taupone Group and the
underlying Black Reef Formation. This geological setting is similar
to that of the nearby Giyani Metals Corp manganese occurrences on
their Kwgakgwe Hill (K-Hill), Otse and Lobatse projects. The most
significant of these (K-Hill) comprises a manganese-rich black
shale formation within the lower Taupone Group containing an
Inferred Mineral Resource of 1.24Mt @ 27.3% MnO at a cut-off grade
of 8.9% MnO prepared in accordance with Canadian National
Instrument 43-101. (As reported by Giyani Resources Corp. in April
2020)
Previous exploration on the Kanye property has highlighted
numerous manganese prospects which have not been systematically
explored. These include: the Mheelo prospect, where reports mention
that "pure manganese ore to a depth of 1.8m was intersected and the
base of the mineralization was not reached". Historical channel
samples yielded grades of 53.1% to 74.2% MnO; the Loltware
Prospect, approximately 4km to the west of Mheelo where historical
reports note manganese outcrop with sample assays up to 43.6% MnO;
the Lowe Prospect, comprised of chert that yielded historical
manganese assay results up to 58.5% MnO; a local talc mine where
six large bulldozed trenches are reported with historical sample
assays up to 54% MnO.
Colin Bird, Executive Chairman of Tiger, says:" We are very
pleased with this investment which is consistent with Tiger's
recently restated policy of proactive equity involvement in
creating opportunities together with earning royalty streams. The
underlying mineral licences represent exploration rights to a very
large area of highly prospective manganese bearing ground. The
Manganese discovered in the area is battery grade, and as such, may
have a contribution in tomorrow's battery electric vehicle ('BEV')
supply. Botswana has an impeccable reputation as a host for foreign
mining investment and continues to be very supportive of mining
initiatives. The infrastructure is good and the opportunity for
direct shipping ore exists."
Application to trading on AIM : The agreement with Metrock is
conditional upon the 1(st) Tranche of Tiger Shares being admitted
to trading on AIM ("Admission"). Application will be made to the
London Stock Exchange for a total of 12.5 million New Ordinary
Shares, which rank pari passu with the existing Ordinary Shares in
issue, to be admitted to trading on AIM. It is expected that
Admission will become effective and that dealings in the new Shares
will commence at 8.00 a.m. on or around 16 October 2020.
Total Voting Rights after the issue of the 1(st) Tranche Shares
: Following the issue of the above Shares, the Company's total
issued share capital will consist of 439,442,308 Ordinary Shares
with voting rights. The Company also holds 4,500,000 Ordinary
Shares in treasury but there are no voting rights in respect of
these treasury Shares.
On Admission, the abovementioned figure of 439,442,308 Ordinary
Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in Tiger under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
For further information, please contact:
Tiger Royalties and Colin Bird, Executive
Investments Plc Chairman +44 (0)20 7581 4477
Roland Cornish
Felicity Geidt
Beaumont Cornish (Nomad) Email: corpfin@bcornish.co.uk +44 (0)20 7628 3369
Novum Securities
Plc (Broker) Jon Belliss +44 (0)20 7399 9425
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR").
Market Soundings, as defined in MAR, were taken in respect of the
Placing with the result that certain persons became aware of this
inside information, as permitted by MAR. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Qualified Person:
Technical information in this announcement has been reviewed by
Edward (Ed) Slowey, BSc, PGeo, a technical advisor to Tiger. Mr
Slowey is a graduate geologist with more than 40 years' relevant
experience in mineral exploration and mining, a founder member of
the Institute of Geologists of Ireland and is a Qualified Person
under the AIM rules. Mr Slowey has reviewed and approved this
announcement.
TECHNICAL GLOSSARY
The following is a summary of technical terms:
"channel sample" Sample obtained by cutting a rectangular channel
across a rock face, more representative than
chip or grab sampling
"chert" Very fine - grained rock composed of silica
"cut-off grade" The grade above which samples are included
in a mineral resource or reserve.
"Inferred Mineral That part of a Mineral Resource for which quantity
Resource" and grade (or quality) are estimated on the
basis of limited geological evidence and sampling.
Geological evidence is sufficient to imply
but not verify geological and grade (or quality)
continuity. It is based on exploration, sampling
and testing information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes (JORC
2012)
"mineralization" The concentration of metals and their chemical
compounds within a body of rock
"MnO" Chemical symbol for manganese oxide
"Mt" Million tonnes
"shale" A fine-grained laminated sediment
"talc" A soft platy mineral with the general formula
Mg(6) Si(8) O(20) (OH)(4) .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEXLLFFBBLBFBK
(END) Dow Jones Newswires
October 12, 2020 09:16 ET (13:16 GMT)
Tiger Royalties And Inve... (LSE:TIR)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Tiger Royalties And Inve... (LSE:TIR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
