Metal Tiger borrows money against Sandfire shares

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Metal Tiger PLC (LON:MTR) has entered into a further equity derivative collar financing arrangement.

This agreement, termed the Fourth Financing Arrangement is secured over, in aggregate, 280,141 Sandfire shares held by Metal Tiger, representing approximately 0.16% of Sandfire’s issued share capital. Metal Tiger will borrow A$1.68mln against these shares.

Under the terms of the Fourth Financing Arrangement, Metal Tiger has entered into a stock lending arrangement with the lender, 280,141 Sandfire shares from Metal Tiger, obtained the right (but not the obligation) to sell 93,536 and/or 186,605 Sandfire shares to the lender in three years’ time at 80% of the reference price, being A$5.203 and A$5.216 respectively, granted the lender the right to buy 93,536 and/or 186,605 Sandfire shares from Metal Tiger in three years’ time at an agreed premium of 145%.

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