Metal Tiger PLC (LON:MTR) announced that it has subscribed for 141,956 units in Marimaca Copper Corp, at a price of C$3.15 per unit, for a total investment of C$447,161 (approximately GBP257,000).
The AIM-listed investor in natural resource opportunities said the investment is being made as part of Marimaca’s C$28.98 million equity financing which was announced as having closed on December 3, 2020.
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Each unit acquired consists of one common share in Marimaca and one-half of one common share purchase warrant exercisable at a price of C$4.10 for a period of 24 months following the closing date of the fundraise.
Accordingly, Metal Tiger now holds, in aggregate, 146,956 shares in Marimaca, representing approximately 0.2% of the group’s issued share capital and 70,978 warrants.
Marimaca is a Toronto Venture Exchange quoted copper exploration company focused on exploring and developing new sources of copper. Its flagship project is the Marimaca Copper Project in Chile’s Antofogasta Region.
The company recently announced the results of a Preliminary Economic Assessment for the Marimaca Copper Project which showed a US$640mln post-tax NPV8 (real) assuming a US$3.45/lb flat long-term copper price, with a post-tax IRR of 38.0%. In addition, Marimaca recently received approval for the construction of up to 365 drill pads over the next three years encompassing 3,800 hectares of highly prospective exploration ground. The company is expected to drill first targets in early Q1 2021.
For the nine months ending September 30, 2020, Marimaca reported a net income of approximately US$4.9mln and, as at September 30, 2020, reported net assets of approximately US$37.9mln.
