LONDON (Alliance News) - Natural resources investor Metal Tiger PLC on Thursday said it has increased its stake in AIM-listed miner Thor Mining PLC.
Metal Tiger has acquired another 85.0 million shares in Thor via on-market purchases, representing a total investment of GBP25,382 and, therefore, an average price per share of 0.029 pence. Thor shares were up 10% to 0.030p early Thursday.
Following the purchases, Metal Tiger now owns a 4.0% stake in Thor, or 197.0 million shares.
In addition to this, Metal Tiger has agreed to acquire another 288.0 million Thor shares via the miner's placing announced in May. That placing has to be approved by Thor shareholders at a meeting on Thursday next week.
If approved, Metal Tiger's take in Thor would then more than double to 8.5%.
Metal Tiger shares were down 2.5% to 3.27p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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