Metal Tiger (LON:MTR) has raised £300,000 to take advantage of opportunities in the cash-strapped natural resources sector.
The AIM-quoted natural resources investor placed 33mln shares at a price of 0.9p per share, just over a 10% discount to yesterday’s close.
Cameron Parry, chief executive said: “The availability of numerous opportunities and the sensible commercial terms that can be negotiated reflects the limited capital available across much of the natural resource sector during this bottoming phase of the resources cycle.”
Metal Tiger said its success in investing in companies has led to invitations to look at other opportunities, and the company said that “the time to grow Metal Tiger’s portfolio is now
any link to PJ standing down....
Paul Johnson, former Non-Executive Chairman of ECR, commented:
“Since my appointment as a director of ECR in May 2012 and as Non-Executive Chairman in January 2013 the Company has undergone considerable change. This process of change has been undertaken against a backdrop of severely deteriorating sentiment in the mineral sector. The survival and development of ECR over this period required greater focus, strategic discipline and operating efficiency.
The restructured business is now focused on two gold exploration assets which the Board consider to be promising, one in Argentina and the other in the Philippines, with an overarching drive to become a gold producer and/or position ECR as a compelling takeover target. There is still work to be done to achieve this, but a key part of doing so is to make sure the Company is led by a Board with the right balance of skills. In this respect there is a need to add a geological capability to the Board and to ensure that the chairman has the time available to commit to the next phase of the Company’s development.
I am pleased that Bill Howell is able and willing to take on the role as Non-Executive Chairman of ECR and I wish him and the Company well with the work ahead. Bill’s experience and knowledge will I believe be an asset to the Company both in respect of current operations and the ongoing review of new opportunities
did you really expect anything else ? ... honestly.. ?
the good thing is that anyone buying at these levels will be pretty safe long term... but must be frustrating for those that were high-fiving each other for their "great top-ups" at .4 .3 .2 .15 .14 .13 .12 ... etc etc etc and now possibly needing 3-400% to break even.. that is ENTIRELY possible on stoking news from itogon... still think SDLM will be damp squib..more drills..more ya... etc etc but hopefully they can drag it kicking and screaming to economic viability in a time frame that aint too painful for most here...
sorry to the upper class spelling guru`s and perfect people, I should have said `reap` instead of `reep`. I bow to your intellectual superiority and beg your forgiveness for my sins. I don`t know how I`m ever going to live with myself for such an error, please have mercy on my soul.
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