Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, has today announced that it has conditionally subscribed for 2,850,000 new ordinary shares of 1 pence each in Trident Resources PLC (LSE:TRR) at a price of 20 pence per share, for a total investment of £570,000 (US$700,000).
The Investment forms part of conditional placing of new ordinary shares by Trident, raising, in aggregate, £16 million (approximately US$20 million) in connection with its admission to trading on AIM. Admission of the issued share capital of Trident, as enlarged by the Placing, is expected to occur on or around 2 June 2020.
The Placing, and therefore Metal Tiger’s participation therein, remains conditional upon the requisite placing agreement becoming unconditional in all respects, certain shareholder approvals being received at Trident’s Annual General Meeting scheduled for 27 May 2020, and Admission.
Trident is a growth-focused, diversified mining royalty and streaming company, aiming to provide investors with exposure to a mix of base and precious metals, bulk materials (excluding thermal coal) and battery metals. Upon Admission, Trident’s share capital will comprise 103,500,000 ordinary shares, representing a market capitalisation, at the Placing Price, of approximately £20.7 million (approximately US$25.3 million). Metal Tiger’s Investment will represent approximately 2.75% of Trident’s issued share capital on Admission.
Trident’s announcement relating to the Placing can be found at the following link:
Mark Potter, Director and Chief Investment Officer of Metal Tiger, is an independent Non-Executive Director of Trident.
For the year ended 30 December 2019, Trident reported net assets of US$4.1m and a net loss of US$0.7m.
Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:
“This is an exciting new investment for Metal Tiger that provides shareholders with exposure to a recently established, high growth-focused royalty and streaming investment company for the mining sector. We are delighted that Trident is set to successfully launch on AIM, and we look forward to further updates from Trident as they focus on delivering on their strategy.”