Metal Tiger (MTR) this morning announced that it has closed its funding round, having raised a total of £6.2m.
This includes £2.6m from the Sproff Offering, which closed oversubscribed.
The Sproff Offering saw the natural resources investing company issue 93,425,714 new ordinary shares at a subscription price of 2.8p per ordinary share, raising gross proceeds of £2,615,920.
The round represents the largest fundraise by Metal Tiger to date.
The proceeds will be used to fund two joint ventures - a project with MOD Resources in the Kalahari Copper Belt in Botswana and another project with Kalahari Metals Limited in the same region.
Michael McNeilly Metal Tiger CEO said: “The Board and I are extremely pleased to have raised an additional £2.6m from the Sprott Offering raising more than double the minimum commitment from Sprott. This brings the total amount raised on the same terms to circa £6.13m.
“This fundraise is the single largest investment in Metal Tiger to date and was done at a price which was significantly higher than MTR’s average price over the course of 2018.
“The continued institutional support along with the support from London means that Metal Tiger is now exceptionally well positioned to advance its many investments, in particular, its Joint Venture with MOD Resources and its investment Kalahari Metals.
“We believe that there is significant upside in exploration in the Kalahari Copperbelt and we believe MTR is uniquely positioned to benefit from any future exploration success.”
Exploration Capital Partners participated for 37,395,942 new ordinary shares, bringing its total holding post issue to 137,395,942, which represents 10.18% of the issued share capital of the company.
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