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:
Tel: +44 (0)207 099 0738
Tel: +44 (0)7766 465 617
Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
SI Capital Limited
Tel: +44 (0) 1483 413 500
This information is provided by RNS