Metal Tiger (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, announced that it has today been issued with 6,296,990 new ordinary shares in Sandfire Resources NL (ASX:SFR), representing approximately 3.5 per cent. of Sandfire’s enlarged issued share capital, in exchange for its entire shareholding in MOD Resources Limited.
Accordingly, Metal Tiger has no further interest in MOD but retains an uncapped 2% Net Smelter Royalty over circa 8,000 km2 in the Kalahari Copper Belt (covering the area subject to the historical Tshukudu joint venture with MOD) and a US$2m capped Net Smelter Royalty over the T3 project.
Sandfire has declared a final dividend of A$0.16 per share, which goes ex-div on 14 November 2019 and payment will be made on 29 November 2019. The Board of Metal Tiger intends to retain the Company’s entire interest in Sandfire shares, such that it is eligible to receive the approximate A$1.0m payment that would be due to Metal Tiger from this dividend.