Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, announces that it has conditionally subscribed for 25,000,000 new ordinary shares of 0.01p each in the capital of Thor Mining plc (“Thor Shares”) (“Thor”) at a price of 0.6p per share, for a total consideration of £150,000 (the “Investment”).
The Investment forms part of a fundraise by Thor, announced today, seeking to raise, in aggregate, £1,065,500 (the “Fundraise”).
Thor’s announcement can be viewed via the following link:
As part of the Fundraise, investors have been granted one warrant for every two Thor Shares subscribed for, exercisable at a price of 1p per share for a period of two years from the date of issue (“Warrants”). Accordingly, as part of the Investment, Metal Tiger will be issued with 12,500,000 Warrants.
The Investment is conditional upon the approval of Thor shareholders at a duly convened general meeting, expected to be held in October 2020.
Completion of the Investment will increase Metal Tiger’s shareholding to 171,550,000 Thor Shares, representing approximately 11.56% of Thor’s then enlarged issued share capital.
Thor intends to utilise the net proceeds from the Fundraise to:
i) Fund exploration activities at the Ragged Range, gold and nickel project in the Pilbara region of Western Australia ;
ii) further invest in EnviroCopper Limited, with a primary objective of drill testing the gold potential at Kapunda;
iii) exploration activities on uranium and vanadium projects in the USA; and
iv) provide general working capital.
Thor is an AIM and ASX listed exploration and development natural resources company, with interests in tungsten, molybdenum and copper projects in Australia and the USA. For the year ended 30 June 2020, Thor reported a net loss of £922,000. As at 30 June 2020, Thor had net assets of £12.606 million. Mark Potter, Chief Investment Officer of Metal Tiger, is a Non-Executive Director of Thor.
This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) (“MAR”).
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