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16 Nov 2018 | 08:15

Metal Tiger completes formation of new Botswana JV with MOD Resources

Metal Tiger said it had agreed with partner MOD Resources to sell 10 remaining exploration licenses to their new joint venture company, Tshukudu Exploration.

Eight of 18 exploration licences related to the pair's T3 project in Botswana had already been transferred to the JV. The remaining 10 were being held in trust.

The creation of the new JV had now been completed in full, Metal Tiger said.

The company had therefore been issued with around 17.1m MOD shares and 40.7m unquoted options with a nil exercise price, expiring on 15 November 2021.

Following the issue of the consideration shares, Metal Tiger would own about 12.5% of MOD's enlarged share capital.

At 8:15am: (LON:MTR) Metal Tiger Plc Ord 0.01p share price was 0p at 1.78p

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