Aim-listed Metal Tiger on Monday announced the placing of 70.01-million shares, at a price of 1.45p each, with new and existing investors to raise gross proceeds of about £1-million.
In addition to the placing, Metal Tiger also announced that it has signed a nonbinding term sheet with Sprott Capital Partners and certain of its affiliates.
Sprott will act as finders on behalf of the company to complete a nonbrokered private placement to raise up to an additional about £3-million through the issue of new ordinary shares at the placing price.
The net proceeds of the placing, together with existing cash resources, will be used to continue to support the company’s joint venture projects with its partners, MOD Resources and Kalahari Metals, in the Kalahari Copper Belt, in Botswana, as well as for general working capital.