Metal Tiger PLC (LON:MTR, ASX:MTR) has invested in Anacortes Mining Corp, a new growth orientated gold company in the Americas.
The natural resources investor said it bought a stake in First Light Capital Corp for about C$500,000 (£288,000) as part of a capital raise by First Light of C$22.0mln.
First Light and New Oroperu Resources Inc agreed in June to combine and form Anacortes Mining.
Anacortes will initially be focused on the continued exploration and advancement of the Tres Cruces gold project in Peru. Tres Cruces is one of the highest-grade oxide deposits globally and hosts oxide plus sulphide indicated resources of 2.474 million ounces at 1.65 grammes a tonne (g/t) gold and inferred resources of 104,000 ounces at 1.26 g/t gold, including 630,000 ounces of high-grade leachable gold at 1.28 g/t gold.
Following the completion of First Light’s fundraise and the merger, Metal Tiger will hold a stake of about 0.5% in Anacortes and also receive 625,000 warrants exercisable within two years at a price of C$0.55.