Update on Metrock Investment

RNS Number : 8748O

Tiger Royalties and Investments PLC

12 February 2021

 

For immediate release  

12 February 2021

TIGER ROYALTIES AND INVESTMENTS PLC

("Tiger" or the "Company")

 Update on Metrock Investment

Tiger Royalties and Investments PLC is pleased to announce that further its announcement issued on 22 December 2020 , the acquisition of Metrock Resources Ltd ("Metrock") by Bezant Resources Plc ("Bezant") has now completed and accordingly Tiger is due to receive 28,314,815 Bezant Shares ("New Shares") on 18 February 2021 as settlement of outstanding loans of £46,250 which it has made to Metrock and the £30,200 fee due from Metrock.

Upon issue of the New Shares to Tiger, the Company's total shareholding in Bezant will increase to 83,870,371 shares representing 2.2% of the Bezant's enlarged issued share capital on completion.

On the basis that the above transaction between Bezant and Metrock has now been completed, Tiger is also entitled to a Net Smelter Return ("NSR") of 2% on the Kanye Manganese asset which may be purchased from the Company by Bezant for a payment of £1 million or on a partial basis at a buy-out rate of £250k per 0.5% of the NSR.

Full details of the Company's original agreements between Metrock and Tiger were set out in the Company's announcement of 12 October 2020 and 22 December 2020, unless otherwise defined herein, key definitions used in this announcement shall have the same meanings as given to them in such previous announcement.

For further information, please contact:

Tiger Royalties and Investments Plc	Raju Samtani Director	[phone]
Beaumont Cornish (Nomad)	Roland Cornish Felicity Geidt	[phone]
	Email: [e-mail]

Novum Securities Plc   Jon Belliss    [phone]

(Broker)

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR").

 

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