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Metal Tiger to acquire 7 copper licenses in Botswana's Kalahari belt

Metal Tiger PLC agreed to acquire up to 50% of Botswana-focused private explorer Kalahari Metals Ltd. for US$1.6 million and exercised its first option to acquire an initial 18% interest for US$600,000.

Kalahari Metals' landholding of 4,063 square kilometers in the Kalahari copper belt comprises two exploration licenses and an option to acquire Triprop Holdings Pty. Ltd. and its five exploration licenses by spending US$1.8 million on exploration and issuing shares.

Metal Tiger's second option to acquire Kalahari Metals will increase its interest to 34% and is exercisable within six months of the first option exercise, and the third option is exercisable within the following six months to increase its total interest to 50%.

The company will also issue 1,188,118 shares to Triprop shareholders, anticipated to start trading on or around June 12, in addition to naming two nonexecutive directors to the Kalahari Metals board.

Metal Tiger also holds a 30% interest in the Botswana copper joint venture project and its T3 Dome deposit, with MOD Resources Ltd. holding the remaining 70%.