£500,000 Fundraise and TVR
Tiger (AIM: TRF), the royalties and proactive investments Group, is pleased to announce, a 500,000 fundraising.
Fundraising: The Company has raised 500,000 in a non-brokered private placement. The Fundraising comprises a conditional placing of 214,285,714 new Ordinary Shares (the “Placing Shares”) for 450,000 at a price of 0.21 pence per Ordinary Share (the “Placing Price”) (the “Placing”), and a subscription by Colin Bird and Raju Samtani, Tiger’s Executive Chairman and Finance Director, who have invested 20,000 and £30,000 to subscribe for 9,523,810 and 14,285,714 new Ordinary Shares respectively at the Placing Price (the “Subscription Shares”) (the “Subscription”), representing 10 per cent. of the total Fundraising amount. Accordingly, following completion of the Fundraising, Mr. Bird will be interested in 30,954,560 Shares, representing approximately 7.3 per cent. of the Company’s enlarged share Ordinary capital and Mr Samtani will be interested in 24,153,214 Shares, representing approximately 5.7% per cent. of the Company’s enlarged share Ordinary capital.
Use of Proceeds: The net proceeds from the Placing and the Subscription by the Company to participate in pro-active investments with the Company’s management actively involved in developing and managing new projects as well as being a royalty holder in natural resource projects , and for the group’s general working capital purposes.
Related Party Transaction: As Mr. Bird and Mr Samtani are Directors of the Company and in light of the size of his subscription, their participation in the Fundraising is being treated as a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. Accordingly, the independent director, being Mr Michael Nolan, having consulted with the Company’s Nominated Adviser, consider Mr. Bird and Mr Samtani’s participation in the Fundraising to be fair and reasonable insofar as the Company’s shareholders are concerned.
Further Details on the Fundraising: Pursuant to the Placing and the Subscription, in aggregate, 238 095,238 new Ordinary Shares (the “Fundraising Shares”) will be issued at the Placing Price to certain new investors and Colin Bird and Raju Samtani conditional upon admission of the Fundraising Shares to trading on AIM (“Admission”). The Placing Price represents a discount of 24 per cent. to the closing middle market price of an Ordinary Share of 0.275 pence on 15 September 2020, being the latest dealing date prior to the finalisation of the Fundraising. Each of the participants in the Fundraising will also receive one warrant exercisable at 0.28 pence for each Fundraising Share which they have subscribed valid for two years from Admission. Half of the warrants awarded to all the participants in the Fundraising will be conditional on the passing of resolutions to grant authority to the Directors to allot the new Ordinary Shares in relation to such exercise and to disapply statutory pre-emption rights (the “Resolutions”) at a General Meeting of the Company. A circular containing a notice convening the General Meeting will be posted to Shareholders in due course.
The Fundraising Shares represent, in aggregate, approximately 56 per cent. of the Company’s enlarged issued share capital (as enlarged by the issue of the Fundraising Shares). The Fundraising Shares will be fully paid and rank pari passu in all respects with the Company’s existing Ordinary Shares.
Application to trading on AIM : The Fundraising is conditional on admission of the Fundraising Shares to trading on AIM (“Admission”). Application will be made to the London Stock Exchange for the total of 238,095,238 Fundraising Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Fundraising Shares will commence at 8.00 a.m. on 30 September 2020.
Total Voting Rights after Fundraising : Following the issue of the Fundraising Shares, the Company’s total issued share capital will consist of 426,942,308 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 426,942,308 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.
Colin Bird, Executive Chairman of Tiger, commented :
” Tiger is actively pursuing its stated mission to acquire and develop a portfolio of resource companies with significant shareholding, active participation and royalties. The placing will allow the Directors to continue its activities towards the consummation of a number of opportunities currently under investigation”
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