LONDON (Alliance News) - Metal Tiger PLC on Wednesday said it has disposed of its 20% stake in ECR Minerals PLC for GBP180,000, but was retaining its warrants.
The natural resources investment company said it made a profit of GBP80,000, having purchased the 500.0 million shares in ECR Minerals for 0.02p per share last November. It said Wednesday it sold the shares at an average sales price of 0.036 pence per share.
The company retains its 500.0 million three-year warrants in ECR, which can be exercised at any time until November 2018 at a price of 0.04p.
"Metal Tiger is in a proactive phase in its development and the additional cash funds generated by this disposal put the company in a position to consider further opportunities over and above investment activities already announced to market," said Paul Johnson, chief executive.
Metal Tiger shares were up 3.2% at 1.29p on Wednesday late morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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