LONDON (Alliance News) - Metal Tiger PLC Wednesday said it has exercised its option to invest a further GBP75,000 in Turkey-focused gold and other minerals exploration and development company Ariana Resources PLC, acquiring a further 8.3 million shares at 0.9 pence each.
Metal Tiger will receive 8.3 million warrants to subscribe for new shares in Ariana at 1.8 pence, exercisable for three years. Wednesday's investment brings its total investment in Ariana to GBP250,000 to date.
"Our original investment in Ariana was announced on 5 February 2015 and since that time Ariana has made significant progress technically and operationally," said Chief Executive Officer Cameron Parry in a statement. "The progress made has, in the view of Metal Tiger, brought Ariana to a highly important point of development and whilst the market appears to be beginning to recognise Ariana's value, Metal Tiger considers that going forward its exposure to Ariana has the potential to deliver substantial returns."
Shares in Metal Tiger were up 2.5% at 0.999 pence Wednesday afternoon. Shares in Ariana Resources were down 4.5% at 1.17p.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.