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Metal Tiger sells £250,000 worth of MOD Resources shares

The money raised from the sale will go towards buying more MOD shares as part of the rights issue announced by the Aussie explorer last week

share certificate
Metal Tiger still owns more than 10% of MOD

Metal Tiger PLC (LON:MTR) has sold a slug of the shares it owns in Aussie-listed copper explorer MOD Resources.

The natural resources investor sold 1.5mln MOD shares on the open market for A$0.3062 apiece, bringing in a total of A$459,000 (£254,000).

READ: Metal Tiger sets out exploration plans for Botswana JV

Last week, Metal Tiger agreed to take up its 1-for-13 entitlement under the MOD rights issue priced at A$0.24 a share.

The money raised from today’s share sale is expected to cover most of the costs associated with taking up its entitlements under the rights offering, should MTR decide to do so.

Metal Tiger still holds a 10.5% stake – just shy of 30mln shares – in MOD. It also has an additional 40.67mln unquoted options with a nil exercise price as well as options over another 154,167 shares, exercisable at A$0.06.

Metal Tiger shares dropped 1.4% to 1.36p on Thursday morning.

Quick facts: Metal Tiger PLC

Price: 1.325 GBX

AIM:MTR
Market: AIM
Market Cap: £20.17 m
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Metal Tiger's McNeilly details new funding arrangement and share buyback plans

Metal Tiger's (LON:MTR) Michael McNeilly discusses with Proactive London's Andrew Scott the plans around its share buyback programme.  MTR intends to buy back up to 155.9mln shares - equivalent to 10% of the current issued share capital of the company. McNeilly also talks through its...

on 19/12/19

2 min read