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Metal Tiger pleased by Cobre move to take full control of Perrinvale project

Published: 17:02 28 Apr 2020 AEST

Metal Tiger PLC -
Conditions for the transaction need to be completed by the end of June.

Metal Tiger PLC (LON:MTR) has welcomed the decision of its associate Cobre to take full control of its Toucan Gold subsidiary, the vehicle that owns the Perrinnvale project in Western Australia.

In a statement, Michael McNeilly, Metal Tiger’s chief executive, said: “We believe Perrinvale has the potential to represent a highly strategic asset in the future copper market and, through this deal, we will have an increased effective interest in the project and maintain our significant shareholding in Cobre."

Metal Tiger has agreed to invest a further A$310,000 (£161,000) into Cobre to help it fund the transaction, which will see the Aussie-listed company pay cash of A$527,000 and issue 6.16mln shares to buy out the 20% minority owners.

Conditions for the transaction need to be completed by the end of June. Metal Tiger’s investment will maintain its stake in Cobre at 19.9%.

The Perrinvale copper project is a group of nine tenements owned by Toucan in Western Australia.

 

 

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