Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that, further to its announcement of 28 April 2020, Cobre Limited (ASX: CBE) has today announced that it has completed the acquisition of the remaining 20% of shares in Toucan Gold Pty Ltd, which is now 100% owned by Cobre. Accordingly, as part consideration for the remaining Toucan shares acquired, Cobre has now issued a total of 6,160,000 new Cobre shares to the vendors.
The MTR Investment
As previously announced on 28 April 2020, Metal Tiger has conditionally agreed to invest a further A$310,000, at Cobre’s IPO price of A$0.20 per share, which will result in the issue of 1,550,000 new Cobre Shares to Metal Tiger. As Metal Tiger is a substantial shareholder in Cobre and has Board representation, the completion of the MTR Investment requires the approval of Cobre shareholders, with such approval to be sought at the Cobre’s Annual General Meeting, to be held later this year. Should shareholders approve the MTR Investment, Metal Tiger will be interested in 20,900,000 Cobre Shares, which, assuming no further shares are issued by Cobre, would result in Metal Tiger maintaining its 19.99% interest in the company.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:
“This is an important step in the further development of the Perrinvale Copper Project. With complete control over the asset, Cobre can now progress the project in a manner of its own choosing at a pace which will prove exciting for shareholders. We look forward to further updates from Cobre and from Perrinvale.”
