Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) noted that Bluebird Merchant Ventures (BMV) secured funding to enable it to advance to initial gold production in 2022.
Metal Tiger has a 19.1% stake in Southern Gold Ltd (ASX:SAU), which in turn holds 200 million shares in BMV.
As part of the deal, Southern Gold agreed to a 12-month standstill clause on its 150 million shares and agreed to sell 50 million shares for about $870,000 as a condition of the new investment package into BMV.
“We congratulate the BMV directors to be able to reignite mining plans after a very difficult COVID environment and the lack of funding in the past,” said Southern Gold chairman Greg Boulton in an Australian Stock Exchange statement.