Kibo Energy Share News (KIBO)

Natural resources investing company Metal Tiger has become a significant shareholder in Kibo Mining through a £150,000 equity investment.Metal Tiger reported on Friday that it has entered into a 50/50 joint venture with Kibo on its uranium-prospective portfolio in Tanzania.Moreover, Metal Tiger has agreed to acquire 10m shares in Kibo at a price of 1p per share. Following this subscription it will hold a 3.67% interest in Kibo's issued share capital.As part of the transaction Kibo will also issue Metal Tiger with warrants over 10m new shares in Kibo, exercisable within a three-year term at a price of 3p each.Under the agreed terms, Metal Tiger will pay for ongoing licence renewal fees and other maintenance costs for around 1-3 years at an estimated cost of £100,000.Chief executive Cameron Parry said: "The 50/50 joint venture will provide Metal Tiger with the opportunity to add value to, and benefit from, Kibo's sites with prospectivity for uranium - a strategic metal that the board of Metal Tiger believes should increase in value over the next three years in line with increasing global demand."Through its equity shareholding in Kibo, Metal Tiger will achieve exposure to the near-production stage of the mining cycle phase via Kibo's near-production coal project, as well as gaining exposure to the potential of Kibo's gold assets in Tanzania."As of 13:38 on Friday, Metal Tiger's share price slipped 2.42% to 0.805p per share.