26 Jul Metal Tiger to buy 20% of Australian copper explorer Cobre in IPO fundraise
Metal Tiger will invest an initial A$500,000 for about 15% of Cobre and a further A$2mln within the next year
Metal Tiger PLC (LON:MTR) plans to buy about 20% of Cobre Limited as part of the Australian copper explorer’s initial public offering fundraise.
The miner has entered into a binding term sheet that will allow it to invest an initial A$500,000 for a 15% stake in Cobre and a further A$2mln within the next year, taking its total holding to about 19.99% upon listing.
Cobre owns the Perrinvale Copper Project in central Western Australia, where a 1,000m drilling programme interested high grade volcanogenic massive sulphide base metal and gold mineralisation at shallow depth.
The best assayed result was 5m at 9.8% copper, 3.2 grams per tonne (g/t) gold, 34 34g/t silver and 3.1% zinc.
“We are delighted to have completed this investment into Cobre and to see rapid progress being achieved at the world-class Perrinvale copper project,”, says McNeilly.