# Metal Tiger Completion of Acquisition of remaining 20% of Toucan

- Link: https://www.directorstalkinterviews.com/metal-tiger-completion-of-acquisition-of-remaining-20-of-toucan/412820374
- Published: 2020-05-13T07:17:36+01:00
- Author: Giles Arbor

**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.”_

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