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Investment Update - Kibo Mining plc

RNS Number : 6343D
Metal Tiger PLC
30 January 2015
 

METAL TIGER PLC

30 January 2015

 



Metal Tiger plc

("Metal Tiger" or the "Company")

 

Investment Update - Kibo Mining plc

 

Metal Tiger Plc (LON: MTR), the natural resources investing company, is pleased to update investors with regard to the Company's direct equity investment in Kibo Mining plc (LON: KIBO) ("Kibo").

 

On 21 November 2014 Metal Tiger announced the investment of £150,000 in Kibo at 1.5p per share, and at that point Metal Tiger held 10 million shares in Kibo.  Since that time the share price of Kibo has appreciated considerably reflecting the progress made by Kibo as demonstrated in their market announcements over the last two months.  Metal Tiger is pleased to confirm that since its original acquisition of stock, it has sold 9 million shares in Kibo, with the average sale price being in excess of five times the acquisition cost. 

 

Metal Tiger is pleased to confirm that the funds raised by this disposal has enabled the Company to immediately convert 10 million warrants in Kibo at 3p per share, restoring Metal Tiger to a notifiable position of 11 million Kibo shares (as confirmed by Kibo in their holding announcement of today's date).  This investment further augments Kibo's cash position at an important time as they seek to secure high value commercial collaborations on their key projects. 

 

Cameron Parry, CEO of Metal Tiger commented "We are very pleased to confirm a substantial realised gain on our first direct equity investment which is highly material when set against Metal Tiger's current £1.9million market valuation. 

 

We believe that there are many opportunities for Metal Tiger to take direct equity positions in companies with high quality, high value assets, where the poor natural resource sector sentiment has led to significant undervaluation.

 

Concurrently with our direct equity investment work, we are progressing our direct project investment activities and look forward to updating the market with new developments in both divisions shortly."

 

 

For further information on the Company, visit: www.metaltigerplc.com:

 

Cameron Parry

(CEO)


Tel: +44 (0)207 099 0738

Paul Johnson

(Non-Executive Director)


Tel: +44 (0)7766 465 617

Sean Wyndham-Quin

Neil Baldwin

Spark Advisory Partners Limited

(Nominated Adviser)

Tel: +44 (0) 2033 683 555




Nick Emerson

Andy Thacker

SI Capital Limited

(Sole Broker)

Tel: +44 (0) 1483 413 500

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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