Resources investor Metal Tiger has exercised its option to take 90% control of an exploration joint venture in Thailand focused on gold, antimony and copper.
AIM-listed Metal Tiger agreed to an option with Southeast Asia Mining (SEAM) in October as part of an expansion of its activity in the region. This deal also resulted in Metal Tiger negotiating to acquire the Thai interests of SEAM’s Canadian parent, comprising two subsidiaries, eight prospecting licence applications in Western Thailand and two mining lease applications along with its exploration database.
Metal Tiger’s CEO Cameron Parry said one of the company’s key objectives was to build substantial precious and strategic metals interests in South East Asia.
“This new option comes after five years of extensive work in Thailand and developing a working relationship with SEAM over the past three and a half years.
Thailand offers unique and substantial exploration and development opportunities for companies with a good understanding of the operating environment,” he said.
The new licences will also diversify Metal Tiger’s interests to encompass silver and lead-zinc to add to the existing copper, gold and antimony.
Metal Tiger has paid an initial US$30,000 and is carrying out due diligence. An initial US$500,000 is payable if it decides to take up the option.
The company, which has stakes in three AIM-listed juniors, recently raised £290,000 through a placing and subscription. The company said it carried out the fund raising after it was approached by some high net worth investors who wanted to boost their holding.
Cameron Parry said, “Prior to the placing Metal Tiger had a strong working capital position when set against fixed investing commitments and underlying core costs. In recent months Metal Tiger has been advancing numerous opportunities through due diligence and commercial negotiations.”
