Metal Tiger PLC (LON:MTR) has acquired a further 185,000 shares in Conroy Gold and Natural Resources PLC (LON:CGNR).
The shares were purchased at an average price per share of 24.6p, and took Metal Tiger's stake in Conroy up to 3.35%.
The news sent Conroy's shares shooting up 7p to 33p.
The latest acquisition follows Metal Tiger's participation on Wednesday in a placing of shares by Conroy in which Metal Tiger signed up for 675,675 Conroy shares at 18.5p a pop.
In conjunction with the shares to be acquired in the placing, Friday's purchase in the market of 185,000 shares takes Metal Tiger's stake up to 7.81% of the share capital of Conroy, as enlarged by the share issue.
Conroy said proceeds from the placing would fund the advancement of the company’s principal gold opportunities and in particular the newly combined Clay Lake and Clontibret targets, where it has established a combined exploration target of 5 million oz of gold.