7th Apr 2015 13:48
LONDON (Alliance News) - Metal Tiger PLC Tuesday said it has made a further investment in fellow-listed Ariana Resources PLC.
Metal Tiger said it has invested GBP100,000 in Ariana Resources to acquire a further 11.1 million shares at 0.9 pence per share. As part of the deal, Metal Tiger has also been awarded with 11.1 million warrants to subscribe for new shares at a price of 1.8 pence per share.
"Metal Tiger is delighted to have the opportunity to invest in Ariana Resources, post the release of the positive Scoping Study conducted on their Salinbas project, at the same 0.9 pence share price Metal Tiger paid for its previous equity investment announced eight weeks ago," said Cameron Parry, chief executive of Metal Tiger.
Metal Tiger said it funded the investment using its own cash resources and according to an Alliance News calculation, Metal Tiger will hold around a 3% stake in Ariana.
At the start of February, Metal Tiger invested GBP75,000 in Ariana at 0.9 pence per share to acquire 8.3 million shares and were also awarded 8.3 million warrants to acquire shares at 1.8 pence. The original deal was part of an agreeiment to collaborate on new resource opportunities in Turkey.
"We welcome the additional investment by Metal Tiger at this pivotal moment in the history of the company," said Kerim Sener, managing director of Ariana. "With the investment announced today, Metal Tiger has to date invested GBP175,000 into Ariana, with the potential to increase to
GBP250,000 by June 2015 or more should Metal Tiger exercise their warrants which are priced at a minimum of 1.8 pence."
Ariana shares were trading up 1.9% to 0.917 pence per share on Tuesday afternoon whilst Metal Tiger shares were up 12% to 0.950p.
By Joshua Warner; [email protected]; @JoshAlliance
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