Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today announced an additional investment into MOD Resources (ASX:MOD).
Metal Tiger has invested a further A$705,000 to acquire an additional 15,000,000 MOD shares in the recent share placement made by MOD Resources, and as announced on 6 th March 2018, Metal Tiger thereby maintains its proportionate holding in MOD Resources which is currently 5.86%.
Metal Tiger also intends to take up taken up its full entitlement under the 16 for 1 rights issue of 7,887,500 shares at a cost of A$370,713 also announced on 6 th March 2018.
The issue price of A$0.047 per share for both the capital raise and the rights issue represented a discount of 9.8% to the 15-day VWAP prior to 6 th March 2018 and is expected to raise a total of circa AUD18m for MOD Resources.
Highlights:
– Metal Tiger acquires a further 15,000,000 MOD Resources shares at A$0.047 per share for a total investment of A$705,000 via participation in MOD Resources placing announced on 6 th March 2018; and
– this additional investment increases Metal Tiger’s shareholding to 126,200,000 shares or 5.86% of MOD Resources issued share capital.
In addition, MTR holds 1,541,667 A$0.06 warrants exercisable until 15 April 2019.
The Company would refer you to the announcements released by MOD, which can be viewed through the following links:
https://www.asx.com.au/asxpdf/20180306/pdf/43s69nkk9y2s68.pd
https://www.asx.com.au/asxpdf/20180306/pdf/43s70s2g078z8b.pdf
Note: for the half year ended 30 June 2017 MOD Resources reported a loss for the period of $2,247,308 and total net assets of $31,504,515.
