LONDON (Alliance News) - Metal Tiger PLC said on Friday it has raised GBP2.6 million through the issue of 93.4 million shares at a price of 2.8 pence per share to the Sprott Group of Cos.
Shares in Metal Tiger, a natural resources investing company, were up 7.9% at 2.53 pence on Friday.
In aggregate, Metal Tiger has raised GBP6.1 million in total from the Sprott offering and a placing it announced near the start of August.
Proceeds will go towards funding Metal Tiger portion of its commitment to the 2018 budget for its joint venture project with partner MOD Resources Ltd in the Kalahari copper belt in Botswana for its recent joint venture with Kalahari Metals Ltd.
"The board and I are extremely pleased to have raised an additional GBP2.6 million from the Sprott offering raising more than double the minimum commitment from Sprott. This brings the total amount raised on the same terms to circa GBP6.1 million. This fundraise is the single largest investment in Metal Tiger to date and was done at a price which was significantly higher than MTR’s average price over the course of 2018," said Chief Executive Officer Michael McNeilly.