Metal Tiger (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today announced that Cobre Ltd. will list on the Australian Stock Exchange (“ASX”), in conjunction with an initial public offering, raising, in aggregate, A$10.0m, on or around 31 January 2020.
As per the Company’s announcement on 20 November 2019, Metal Tiger has subscribed for a total of A$2.4m as part of the IPO fundraise and, accordingly, will be interested in 19.99% of Cobre upon listing. Metal Tiger is pleased to note that the Cobre IPO was heavily oversubscribed.
The total value of Metal Tiger’s 19,350,000 shares in Cobre at the IPO price of A$0.20 is equal to A$3.9m (circa £2.0m). Metal Tiger has invested a total cash amount of A$2.9m into Cobre meaning that on IPO, Metal Tiger will have an unrealised paper profit of A$1.0m (circa £0.5m).
Cobre is an Australian based and focused exploration company seeking to create shareholder value through the successful exploration of base metal projects. It is the 80% owner of Toucan Gold Pty Ltd, which holds a group of tenements collectively referred to as the Perrinvale Project in central Western Australia. As announced on 20 November 2019, Michael McNeilly, Chief Executive Officer of Metal Tiger, is a Non-Executive Director on the Board of Cobre.
Cobre is an Australian public company that was incorporated on 18 May 2018. As at 30 June 2019, Cobre reported net assets of A$0.75m. For the period ended 30 June 2019, Cobre reported a loss after tax of A$0.15m.
Further information on Cobre, including its IPO prospectus, can be found at: www.cobre.com.au
Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
“We are delighted that Cobre will be listed on the ASX at the end of next week. Metal Tiger has been a key part of this heavily oversubscribed IPO. We made our initial investment in September 2019 and consider it a testament to the team at Cobre and their assets that they will have achieved a listing on the ASX only five months after Metal Tiger’s initial investment. I anticipate that Cobre will commence its drilling and exploration programme at the Perrinvale project on or around the listing date and look forward to seeing the continued progress.”
