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Metal Tiger invests in Latin America precious metals explorer, expects Sandfire dividend payment

Subscription in Sable's equity raise gives the AIM-quoted natural resources investor a 1% stake.

Metal Tiger PLC - Metal Tiger invests in Latin America precious metals explorer

Metal Tiger PLC (LON:MTR) told investors it has subscribed for new equity in Sable Resources Ltd (CVE:SAE), with the investment set to give it a 1.05% stake in the company.

Toronto-listed Sable is a precious and base metals explorer in Latin America with assets in Mexico, Argentina, and Peru.

READ: Metal Tiger’s Southern Gold strikes new partnership in South Korea

Its main project is the El Fierro Project in San Juan, Argentina, which based on historic data is seen as a high-grade silver opportunity.

Metal Tiger subscribed for 2.33mln units priced at 15 Canadian cents per unit, with each unit comprising one common share and one half-share warrant. The total investment amounts to C$350,000.

Sable, meanwhile, raised a total of C$9mln in its funding, which launched on August 17.

In its own statement, earlier this month, Sable chief executive Ruben Padilla said: “With our recent work defining a large footprint of high-grade mineralisation at El Fierro, this strong interest from both institutional and retail investors firmly supports our decision to advance aggressively to drill phase at this project."

"These additional funds will also allow us to fast track our adjacent large scale vein projects in San Juan, Argentina, one South America's most highly-rated mining jurisdictions."

Metal to get £283,000 Sandfire dividend

Metal Tiger said separately that it expects to receive a net dividend payment of around £283,000 from its holding in Sandfire Resources in September.

ASX-listed Sandfire announced a dividend of 14c for the year to June and Metal Tiger has a stake of around 3.5% in the miner.

Of its holding of 6.3mln shares, some 2.6mln are subject to an equity derivative financing arrangement (“Umbrella Facility”).

Adjusting for these, Metal Tiger will receive approximately A$516,000 (approximately £283,000) on 29 September 2020

The balance of the dividend, being approximately A$365,000 due in respect of the Sandfire shares the subject to the Umbrella Facility, will reduce the outstanding balance on the Umbrella Facility from A$11.77mln to A$11.4mln.

-- adds Sandfire dividend detail --

Quick facts: Metal Tiger PLC

Price: 22.75 GBX

Market: AIM
Market Cap: £34.88 m

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