25th Jan 2016 15:39
LONDON (Alliance News) - Metal Tiger PLC Monday said it has raised GBP321,000 through a subscription and a placing to support its working capital.
The natural resource investment company said it conducted a placing and subscription of 40.1 million new shares at a price of 0.80 pence each - the same as the closing price of the company's shares last Friday.
Metal Tiger shares were trading up 7% to 0.856p on Monday afternoon.
"It is pleasing to once again demonstrate Metal Tiger's ability to attract funding around its mid-market price; against a market landscape of heavily discounted placings by many other companies in the resources sector, this is a significant achievement," said Chief Executive Cameron Parry.
In addition, Metal Tiger has issued 40.1 million warrants to subscribe for the same number of shares at the exercise price of 1.60p each within 18 months.
Metal Tiger said the transactions have been conducted mainly with existing shareholders.
By Joshua Warner; [email protected]; @JoshAlliance
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