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Metal Tiger sells entire shareholding in Greatland Gold, CEO steps down as director of the miner

Published: 11:06 25 Oct 2017 BST

Gold
However, Metal Tiger's holding has been diluted down to 3.811% since then, and the investor revealed today that it has sold the whole stake

Metal Tiger PLC (LON:MTR) has sold its entire shareholding in fellow AIM-listed Greatland Gold plc (LON:GGP) and the natural resources investor’s chief executive has stepped down as a non-executive director of the miner.

In a statement, Greatland said Michael McNeilly has stepped down from its board with immediate effect.

READ: Metal Tiger reports new assays from T3 copper deposit

McNeilly was appointed to Greatland's board in February this year after Metal Tiger bolstered its stake in the business in late January by converting warrants.

However, Metal Tiger’s shareholding has been significantly diluted since that conversion which saw it own 87.0mln shares, or a 5.2% stake in Greatland.

Greatland's issued share capital having grown by around 564mln shares since then, Metal Tiger's holding has been diluted down to 3.811%, and the investor revealed today that it has sold the whole stake and now no longer holds any interest in the miner.

Greatland’s chairman Alex Borrelli said: “The board of Greatland greatly appreciates both the financial and strategic support that we have received from Metal Tiger over the past 18 months.”

He added: "Greatland will continue to monitor the size and composition of its board as the company continues to evolve and intends to appoint an additional non-executive director at some point in the future.

READ: Greatland Gold confirms significant additional gold potential at Panorama

Metal Tiger's original investment in Greatland and the appoint of its CEO to the board came after the pair signed a deal in November 2016 to explore and cooperate on new opportunities in the precious metals and strategic base metals sectors - with a primary focus on Australia and Asia.

That deal was for an initial 12 months - to November 2017 - which could be extended of both parties agreed, but neither firm has so far posted any recent update on the partnership.

In late morning trading, Metal Tiger shares were up 3.2% at 2.42p, while Greatland shares dropped 16.8% to 1.94p having surged around 200% higher last week following some upbeat exploration news.

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