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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.

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