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LONDON, October 27, 2021--(BUSINESS WIRE)--
Metal Tiger plc
("Metal Tiger" or the "Company")
Sandfire – Update on MATSA Mining Complex Acquisition
Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resource opportunities, is pleased to note the announcement made by Sandfire Resources Limited ("Sandfire") in regard to the ongoing acquisition of the MATSA Mining Complex in Spain, as announced on 23 September 2021.
Sandfire is progressing towards completion of the US$1,865M acquisition of 100% of the MATSA Mining Complex in Spain, as announced on 23 September 2021.
Key Foreign Direct Investment approvals submitted to the Government of Spain; Competition Authority approval submission to follow early November 2021.
Final US$200M deposit paid into escrow pending completion, following payment of the initial US$100M deposit on signing, which has also been transferred into escrow by the vendors.
Key integration planning and workstream activities have commenced with the objective of ensuring an orderly and efficient transition of the MATSA Operations into Sandfire’s global business.
Sandfire Board approves execution of documentation for the US$650M MATSA Syndicated and Underwritten Debt Facility.
A$200M Corporate Debt Facility with ANZ executed.
DeGrussa Operations copper and gold hedging program initiated.
Sale of Investment in Adriatic Metals Plc completed, realising aggregate gross proceeds of A$97M.
A$1,248M equity raising completed – placement and accelerated non-renounceable entitlements offer.
As previously announced, following completion of the Company’s investment as part of the Sandfire MATSA acquisition equity raising, Metal Tiger is interested in 8,462,057 Sandfire Shares, representing approximately 2.4% of Sandfire’s issued share capital (post institutional raise). Of this holding, 2,842,667 Sandfire Shares are subject to an equity derivative financing arrangement with a global investment bank.
A link to Sandfire’s full release is set out below:
For further information on the Company, visit: www.metaltigerplc.com
(Chief Executive Officer)
Tel: +44 (0)20 3287 5349
(Chief Investment Officer)
Strand Hanson Limited (Nominated Adviser)
Tel +44 (0)20 7409 3494
Arden Partners plc (Broker)
Tel: +44 (0)20 7614 5900
Camarco (Financial PR)
Tel: +44 (0)20 3757 4980
Notes to Editors:
Metal Tiger PLC is admitted to the AIM market of the London Stock Exchange AIM Market ("AIM") and the ASX Market of the Australian Securities Exchange Market ("ASX") 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. Metal Tiger has two investment divisions: Equity Investments and Project Investments.
Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources Limited (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment for the Project Investments division.
Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.
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.
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Metal Tiger plc