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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Sandfire Resources Limited    SFR   AU000000SFR8

SANDFIRE RESOURCES LIMITED

(SFR)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 12/02
5.4 AUD   +12.27%
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Metal Tiger plc - Participation in Thor Mining Placing

09/16/2020 | 10:16am EST

Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, announces that it has conditionally subscribed for 25,000,000 new ordinary shares of 0.01p each in the capital of Thor Mining plc ('Thor Shares') ('Thor') at a price of 0.6p per share, for a total consideration of GBP150,000 (the 'Investment').

The Investment forms part of a fundraise by Thor, announced today, seeking to raise, in aggregate, GBP1,065,500 (the 'Fundraise').

Thor's announcement can be viewed via the following link: https://www.thormining.com/investors/aim-announcements

As part of the Fundraise, investors have been granted one warrant for every two Thor Shares subscribed for, exercisable at a price of 1p per share for a period of two years from the date of issue ('Warrants'). Accordingly, as part of the Investment, Metal Tiger will be issued with 12,500,000 Warrants.

The Investment is conditional upon the approval of Thor shareholders at a duly convened general meeting, expected to be held in October 2020.

Completion of the Investment will increase Metal Tiger's shareholding to 171,550,000 Thor Shares, representing approximately 11.56% of Thor's then enlarged issued share capital.

Thor intends to utilise the net proceeds from the Fundraise to: i) Fund exploration activities at the Ragged Range, gold and nickel project in the Pilbara region of Western Australia; ii) further invest in EnviroCopper Limited, with a primary objective of drill testing the gold potential at Kapunda; iii) exploration activities on uranium and vanadium projects in the USA and iv) provide general working capital.

Thor is an AIM and ASX listed exploration and development natural resources company, with interests in tungsten, molybdenum and copper projects in Australia and the USA. For the year ended 30 June 2020, Thor reported a net loss of GBP922,000. As at 30 June 2020, Thor had net assets of GBP12.606 million. Mark Potter, Chief Investment Officer of Metal Tiger, is a Non-Executive Director of Thor.

This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) ('MAR').

Contact:

Michael McNeilly

Tel: +44 (0)20 7099 0738

Notes to Editors

Metal Tiger plc is admitted to the AIM market of the London Stock Exchange AIM Market ('AIM') with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.

The Company's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Equity Investments and Project Investments.

Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources Limited (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment for the Project Investments division.

Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.

The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
METAL TIGER PLC 2.59% 26.04 Delayed Quote.96.36%
SANDFIRE RESOURCES LIMITED 12.27% 5.4 End-of-day quote.-9.70%
THOR MINING PLC -4.34% 0.9655 Delayed Quote.120.93%
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Financials
Sales 2021 687 M 510 M 510 M
Net income 2021 110 M 81,7 M 81,7 M
Net cash 2021 449 M 333 M 333 M
P/E ratio 2021 8,45x
Yield 2021 2,98%
Capitalization 963 M 711 M 714 M
EV / Sales 2021 0,75x
EV / Sales 2022 0,77x
Nbr of Employees 251
Free-Float 92,7%
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 5,42 AUD
Last Close Price 5,40 AUD
Spread / Highest target 27,8%
Spread / Average Target 0,28%
Spread / Lowest Target -22,2%
EPS Revisions
Managers
NameTitle
Karl Matthew Simich Chief Executive Officer, Executive Director & MD
Derek Noel La Ferla Independent Non-Executive Chairman
Jason Grace Chief Operating Officer
Matthew Leslie Fitzgerald Chief Financial Officer & Secretary
Paul D. Hallam Independent Non-Executive Director
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