30th Jan 2015 12:55
LONDON (Alliance News) - Metal Tiger PLC Friday said there are "many" opportunities for it to take direct equity positions in companies with "high quality, high value assets" that are undervalued due to weaker investor sentiment to the natural resource sector.
In addition to direct equity investments, Metal Tiger is "progressing" its direct project investment activities, according to Chief Executive Cameron Parry.
Metal Tiger also confirmed that the funds raised by the disposal of 9 million shares in Kibo Mining PLC, with the average sale price being in excess of five times the acquisition cost, has enabled it to immediately convert 10 million warrants in Kibo at 3 pence per share, giving it 11 million shares in the company. It had invested GBP150,000 in Kibo at 1.5 pence per share, giving it 10 million shares on November 21 last year.
"We are very pleased to confirm a substantial realised gain on our first direct equity investment which is highly material when set against Metal Tiger's current GBP1.9million market valuation," Parry said.
Metal Tiger shares were up 10% at 0.850 pence on Friday, while Kibo Mining shares were down 6.4% at 5.50 pence.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
MTR.LKibo Energy