Metal Tiger plc, the London Stock Exchange AIM quoted investor in strategic natural resource opportunities, has announced an additional investment in MOD Resources (ASX:MOD), taking the company’s shareholding to over 5%.
In a share purchase completed on August 29, the company, which previously held 91,795,214 MOD Resources shares valued at A$5,599,508 (circa £3,444,791) at today’s ASX closing price of A$0.061 as well as 1,541,667 warrants with an exercise price of $A0.06 (expiry 15.4.19), has made an additional investment for 3,748,720 MOD Resources shares at a price of A$0.06157. Following the share purchase the Company now holds 5.049 per cent. of MOD Resources.
MOD Resources reported audited net assets of A$18,407,416 and audited net loss of A$1,920,772 for the year ended 31.12.16.
“We are pleased to announce the increasing investment by the company in MOD Resources which takes us to over the 5% reportable threshold for the ASX market and reaffirms our confidence in the potential of the T3 Botswana asset,” Michael McNeilly Chief Executive Officer of Metal Tiger said.