LONDON (Alliance News) - Metal Tiger PLC Friday said it has decided to make another investment in fellow London-listed Conroy Gold & Natural Resources PLC, ploughing a further GBP45,465 into the company.
The move caused shares in Conroy Gold to soar on Friday afternoon.
Metal Tiger has purchased 185,000 shares in Conroy Gold at an average price of 24.6 pence per share. Those shares represent around a 3.35% stake in Conroy Gold.
Metal Tiger had already agreed to partake in a placing being conducted by Conroy Gold, whereby Metal Tiger will acquire a further 675,675 shares, which will push Metal Tiger's stake in Conroy Gold up to 7.81%. Those shares should be secured by Tuesday next week, Metal Tiger said.
Metal Tiger shares were up 2.5% to 4.77 pence per share on Friday afternoon whilst Conroy Gold shares were up 42% to 37.00 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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