4th May 2016 11:47
LONDON (Alliance News) - Metal Tiger PLC Wednesday said it has made a strategic investment in fellow London-listed Conroy Gold & Natural Resources PLC totalling GBP125,000.
The natural resources investment company said it has acquired 675,675 shares in Conroy priced at 18.5 pence each. Metal Tiger has also received an equal amount of share warrants that can be exercised over 30 months at 37.0 pence.
Conroy Gold shares were up 30% to 26.00 pence per share on Wednesday afternoon.
If Conroy Gold shares trade over an average of 100.0 pence per share for over 10 days or more, then the warrants will either have to be exercised or cancelled, Metal Tiger said.
Metal Tiger holds a 6.1% stake in Conroy Gold following the transaction.
Metal Tiger also extended a deal it struck with Eurasia Mining concerning a tailings project in Russia. The pair have been given an extra three months to evaluate whether or not they want to take a majority stake in the tailings project from the owner OOO Golden Sands.
Metal Tiger shares were down 2.1% to 4.70 pence per share Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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