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).
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.