Metal Tiger PLC - Winchester, England-based investment company focused on natural resources sector - On Thursday says Armada Metals Ltd will start an airborne survey using the Mobile Magnetotellurics system at the Nyanga project in Gabon. Says the system will be used to "rapidly test potential concealed portions of the Libonga-Matchiti Trend and the highly prospective and untested Ngongo-Yoyo Trend".
Metal Tiger holds 15 million shares in Armada, representing about 14% of its capital. Mobile-Mt is an airborne electromagnetic technology, introduced by Expert Geophysics Ltd, a geophysical company specialising in airborne geophysical surveys.
On Monday, Metal Tiger said it subscribed for 16.6 million new shares in Southern Gold Ltd for a total consideration of AUD382,000, or GBP212,319. The investment is subject to shareholder approval at a general meeting expected to be convened in early January next year.
Current stock price: 11.44 pence
12-month change: down 45%
By Xindi Wei; xindiwei@alliancenews.com
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