10th Nov 2014 09:23
LONDON (Alliance News) - Metal Tiger PLC Monday said it has raised funds through a placing and subscription to develop its joint venture projects in Spain and Thailand.
Metal Tiger shares dropped 5.6% to 0.755 pence per share Monday morning.
Metal Tiger have raised GBP400,000 through the placing and subscription of over 66.6 million shares at a price of 0.6 pence per share, representing a 25% discount, it said in a statement.
The proceeds will be used to develop a project in Spain, in which Metal Tiger has signed a memorandum of understanding with its potential joint venture partners, Qbis Resources SL and Diversified Asset Holdings Pty Ltd.
The funds will also be used to develop its project in Thailand, where Metal Tiger has signed a joint venture agreement with South East Asia Exploration and Mining Co Ltd.
"Metal Tiger has secured options over what we consider to be attractive opportunities in Thailand and Spain. The board recognises the severe conditions in the mineral exploration sector at present and considers it vital to ensure the company is well funded to drive the interests of the business forward," said Chief Executive Cameron Parry.
By Joshua Warner; [email protected]; @JoshAlliance
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