30th Nov 2021 12:08
Metal Tiger - London-based investor in natural resource opportunities - On Monday says it subscribed for an additional 5.0 million new shares in Armada Metals Ltd. It did so at an issue price of AUD0.20 per share, for total consideration of AUD1.0 million, as part of Armada's initial public offering on Australian Securities Exchange.
Currently holds 10.0 million shares in Armanda and has previously invested USD750,000 at the pre-IPO investment round. After completion of the Armada IPO, it will hold 15.0 million shares in Armada, representing just over a 14% stake.
"We are very pleased to make an additional investment into Armada as part of its oversubscribed IPO fundraise," Chief Executive Michael McNeilly comments.
He adds: "Led by an experienced leadership team, who have a successful track record of involvement in major discoveries we are excited that the Armada's maiden drill program is slated to commence in early January 2022. We could be on the verge of a new mining province to provide the battery metals of the future."
Current stock price: 20.75 pence, down 3.0% on Tuesday
Year-to-date change: down 11%
By Abby Amoakuh; [email protected]
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