Metal Tiger PLC (LON:MTR) said it has invested around £165,000 for a 0.5% stake in Canyon Resources Limited (ASX:CAY), an Australian-listed firm focused on developing the Minim Martap bauxite project in Cameroon.
The AIM-listed investment company said it subscribed for 3mln shares in Canyon at a price of A$0.10 each as part of Canyon’s fundraise of A$10mln.
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The Minim Martap project contains nearly 900mln tonnes of high-grade, low contaminant bauxite and has exploration upside potential, Metal Tiger said, adding that the project is underpinned by a pre-feasibility study that could see the site become a “long-term producer of high quality, low contaminant bauxite via multi-stage development”.
Pan Asia Metals IPO investment
In a separate announcement, Metal Tiger also said it has signed a binding commitment to invest a further A$150,000 (£82,748) in Pan Asia Metals Limited, taking its total commitment to A$650,000 (£358,576), for 3.25mln new shares at A$0.20 each as part of Pan Asia’s proposed initial public offering (IPO) on the ASX.
Assuming Pan Asia raises the maximum contemplated amount of A$6mln (£3.3mln) through its IPO, Metal Tiger said it will hold just over 8% of the company on admission to the ASX.
Pan Asia is an exploration and development firm focused on speciality and base metal projects in South East Asia.
New CFO appointed
Metal Tiger also announced the appointment of Adrian Bock as full-time Chief Financial Officer, with effect from today.
Adrian will take over the role from Malcolm Bacchus who has been employed on a part-time basis and will remain with the company for two months to assist with the transition.
Bock was recently Group CFO of a solar power solutions and prior to that a South African electrical and satellite manufacturing business.
Shares in Metal Tiger rose 1.9% to 26.5p in early trading on Tuesday.