This is a follow-on investment to Metal Tiger's initial investment in Los Cerros in early 2020.
The Los Cerros share price has increased 400% since Metal Tiger's initial investment, based on the latest closing share price.
Following completion of the raise, Metal Tiger's holdings in Los Cerros will consist of 3.9mln shares representing approximately 0.9% of Los Cerros, and 1.25mln warrants exercisable at A$0.10.
Los Cerros' primary focus is the Quinchia gold portfolio, which is located in Colombia's Mid-Cauca belt. The 10,500 hectare Quinchia project contains a number of gold deposits and significant exploration and development targets, including Miraflores, Tesorito, Chuscal and Dosquebrada.