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- MTC has signed a Strategic Investment Agreement with $6 billion market capitalised Chifeng Jilong Gold Mining (SHA: 600988) via its subsidiary Chijin International (HK) Limited (together Chifeng)
- Chifeng to subscribe for 5,882,352 MTC shares at 34c per share for an investment of $2 million
- Record Date for lithium spinout Winsome Resources (ASX:WR1 Reserved) on track for 7 October 2021 (subject to shareholder approval) – investors wishing to receive the in species WR1 shares under the spinout must finalise their MTC shareholding by this date
- MTC shareholders to receive $9 million worth of shares in spinout by way of an in species distribution of 45 million WR1 shares in proportion to their MTC holding as at the Record Date – MTC will have 164.6 million shares on issue on a post-placement basis (e.g. approximately 1 free WR1 20c share for every 3.66 MTC shares held)
Commenting on the strategic investment by Chifeng, MetalsTech Chairman Mr Russell Moran stated:
“Chifeng is widely considered to be one of the most successful precious metals investors in China owing largely to the experience of their Chairman Mr Wang Jianhua who before transforming Chifeng in his role as Chairman, served as CEO of $62 billion capped Zijin Mining and before that, served as Chairman of $17 billion capped Shandong Gold. We are delighted to welcome Chifeng to our share register and look forward to growing the relationship. Our Sturec deposit is located in the Western Tethys belt in Europe amongst major miners including Dundee Precious Metals, Eldorado Gold and China’s Zijin Mining who are all chasing large epithermal as well as porphyry deposits. Sturec has the potential to be a world class epithermal deposit with 1.5 million ounces of historic gold production and a current JORC resource of 1.5 million ounces of gold with significant growth potential. We hope that this recent interest from Chifeng is a sign of growing interest in our broader development plans for Sturec.”
Strategic Investment Agreement – Summary
Subscription | Chifeng agrees to subscribe for, or procure its nominee subscribe for, and the Company agrees to issue 5,882,352 Shares (Subscription Shares) at an issue price of A$0.34 per Share to raise a total of A$2,000,000, on the terms and conditions set out in this Terms Sheet (Subscription Amount). |
Subscription Amount | The Subscription Amount must be paid by Chifeng the Company (to a bank account nominated by the Company) within 5 Business Days of executing this Terms Sheet. If Chifeng does not pay the Subscription Amount to the Company in accordance with this clause, the Company may terminate this Term Sheet by notice in writing to Chifeng with immediate effect. |
Subscription Purpose | The Company intends to use funds raised from the issue of the Subscription Shares for the following purposes: (a) completion of resource definition drilling at the Company’s flagship Sturec Gold Project, located in Slovakia (Project); (b) completion of a Scoping Study at the Project; (c) advancement of the Company’s existing operations by conducting further exploration at the regional targets identified at the Project; and (d) for general working capital purposes. |
Share Accumulation Assistance | For a period of three (3) months following the execution of this Terms Sheet, the Company will use all reasonable endeavours to introduce Chifeng to third parties (or their advisors) that may wish to sell or otherwise dispose of their Shares in the Company with a view of helping Chifeng acquire additional Shares in the Company through on-market and off-market purchases. |
No Short Sell | Chifeng agrees not to, and agrees to ensure that each of its related bodies corporate (and persons acting in concert with it or any such related bodies corporate or with whom it or any such related body corporate has entered into a relevant agreement for the purpose of dealing in any Shares or interest in Shares in the Company) do not short sell the Subscription Shares of the Company. |
Confidentiality | Standard provisions |
Governing Law | Western Australia |
ENDS
For further information, contact:
Russell Moran
Chairman
M +61 415 493 993
Nathan Ryan
Investor Relations
M +61 420 582 887
nathan.ryan@nwrcommunications.com.au
Gino D’Anna
Director
M +61 400 408 878
Caution Regarding Forward-Looking Information
This document contains forward-looking statements concerning MetalsTech. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.
Forward looking statements in this document are based on the company’s beliefs, opinions and estimates of MetalsTech as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.
Competent Persons Statement
The information in this announcement that relates to Exploration Results is based on information compiled by Dr Quinton Hills Ph.D., M.Sc., B.Sc. Dr Hills is the technical advisor of MetalsTech Limited and is a member of the Australasian Institute of Mining and Metallurgy (No. 991225). Dr Hills has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Hills consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
The information in the report to which this statement is attached that relates to Mineral Resources for the Sturec Gold Deposit is based on information compiled by Mr Chris Grove, who is a Member of The Australasian Institute of Mining and Metallurgy (No. 310106). Mr Grove is a full-time employee of Measured Group Pty Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Grove consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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