TIDMMTR
RNS Number : 4561B
Metal Tiger PLC
07 October 2015
METAL TIGER PLC
7 October 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Thailand Expansion and Joint Venture Acquisition
Metal Tiger (LON:MTR), the natural resources investing company
is pleased to announce the commencement of a material expansion in
the Company's activities in Thailand.
The first step in this expansion is the option to acquire a 90%
interest (and assign the other 10%) in the Company's existing Joint
Venture currently held with South East Asia Mining ("SEAM") and
focused on a gold, antimony and copper licence and licence
applications (the "transaction").
Highlights:
-- Metal Tiger has secured an option to acquire the current
Thailand Joint Venture ("JV") with SEAM for total consideration of
$50,000 including the $10,000 option fee;
-- The option agreement includes an option period to the end of
October 2015 to enable Metal Tiger to ensure the transaction is
structured appropriately leading to Metal Tiger holding a net 90%
of the JV interests with 10% held by a local Thai operating
company;
-- The option agreement also includes a concurrent standstill
period during which time further consideration can be given to the
acquisition of other separate Thai interests held by SEAM;
-- On completion Metal Tiger's Thai JV interest would increase
from 10% to 90% and form the foundation for additional local
expansion targeted; and
-- Metal Tiger is currently engaged in advanced negotiations to
acquire additional Thai precious and base metal interests.
Cameron Parry CEO of Metal Tiger commented: "Shareholders are
well aware of Metal Tiger's strategic ambition to build a large and
diversified natural resource business, and the expansion of its
Thai interests is a important part of that strategy.
The Board will visit Thailand in mid-October to progress
completion of this transaction and that of additional negotiations
to further expand the Company's footprint in Thailand.
Alongside Thailand the Company is looking to further expand
activities in Spain, notably in respect of additional gold and
tungsten opportunities. This will build on the tremendous success
of our Spanish JV in identifying two potentially substantial new
discoveries of tungsten deposits in Extremadura (as previously
announced to market on the 2(nd) July 2015 and 16(th) July
2015).
By further expanding our interests on the ground in both
Thailand and Spain we will be creating critical mass in our Direct
Projects division in both countries and that makes sense from a
strategic business perspective.
Until transactions are finalised with all contractual and
regulatory matters addressed we are unable to provide specific
details. However we are closing in on a number of new opportunities
and will update the market as soon as practicable."
Background to Joint Venture and Acquisition Proposal
Metal Tiger has a Thai Gold/Antimony Joint Venture (JV)
agreement with South East Asia Mining the original terms of which
were outlined in the announcement made by the Company on 28 October
2014.
This agreement enabled Metal Tiger to acquire a 75% stake in the
JV operating companies through the commitment to fund $150,000 in
payments to SEAM and $150,000 into the JV Thai operating companies
in respect of JV qualifying expenditure which included JV
administration and operational exploration costs.
This transaction was slightly amended as outlined in the Metal
Tiger announcement on 12 December 2014 wherein Metal Tiger received
an accelerated 10% of the JV companies with immediate effect.
As outlined in the Company's announcement on 15 September 2015
the remainder total payments due by Metal Tiger under the original
transaction amounted to $150,000 in vendor and exploration
commitments whereupon Metal Tiger would increase its 10% interest
in the JV to 75%.
Metal Tiger has now secured an option to acquire 100% of the
original JV interests by the end of October 2015 and thus eliminate
any future committed payments under the original JV agreement (ie
$150,000 total remaining outstanding as highlighted above).
Metal Tiger has paid a $10,000 deposit in cash to secure the
option during which time Metal Tiger can, at its volition, acquire
100% of the JV interests for an additional $40,000 on or before 31
October 2015.
Should Metal Tiger proceed with the JV acquisition it will at
the same time as the 100% interest is acquired, immediately
transfer 10% of the JV shares to a Thailand based company. This
company will be the in-country operator of the projects on the
ground.
After completion of the transaction Metal Tiger will hold 90% of
Joint Venture interests. The interests include:
- One Exclusive Prospecting Licence ("EPL") in respect of a
Gold-Antimony focused project in the Chanthaburi province, in the
South East of Thailand where the Company has published findings
from initial work undertaken by the JV during 2015 including the
identification of gold anomalies requiring further
investigation;
- One Special Prospecting Licence Application ("SPLA") in the
Chanthaburi province situated in what is known locally as the
'Gold-Antimony Belt';
- Two SPLAs covering 31 square kilometres and relating to
projects in the Nakon Sawan and Lopburi provinces within the
Loei-Phetchabun part of what is known locally as the 'Copper-Gold
Belt'.
As part of the Option Agreement Metal Tiger and SEAM have also
agreed to a standstill for October during which time Metal Tiger
can give further consideration to the acquisition of other separate
Thai interests held by SEAM.
For further information on the Company, visit:
www.metaltigerplc.com:
Metal Tiger Plc
Cameron Parry (CEO) Tel: +44 (0)207 099
0738
Paul Johnson (Executive Director) Tel: +44 (0)7766 465
617
Spark Advisory Partners Limited
(Nominated Adviser) Tel: +44 (0) 2033
Sean Wyndham-Quin 683 555
Neil Baldwin
SI Capital (Sole Broker) Tel: +44 (0) 1483
Nick Emerson 413 500
Andy Thacker
Notes to Editors:
Metal Tiger Plc is a natural resources focused investing company
quoted on the London Stock Exchange AIM Market ("AIM") with the
trading code MTR and two investment divisions, Direct Equities and
Direct Projects.
The Direct Equities division invests in quoted natural resource
explorers and developers, with a combination of shares and warrants
providing a potential non-debt financing instrument and enhanced
return potential.
The Direct Projects division invests in operational mineral
exploration projects with current investments in Spanish Gold &
Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and
Uranium. The Direct Projects investment division also has working
collaborations to identify new investment opportunities in Russia
(platinum focus) and Turkey (gold focus), in association with
experienced in-country partners.
Metal Tiger'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 timed to coincide where possible, with a cyclical recovery
in the exploration and mining markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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