LONDON (Alliance News) - Natural resources investor Metal Tiger PLC on Thursday said it has made an additional investment in UK-listed miner Greatland Gold PLC.
Metal Tiger said it has bought another 6.0 million Greatland shares at 0.174 pence per share, taking its total holding up to 156.0 million shares or a 9.6% stake in Greatland.
Greatland shares were up 10% at 0.198p on Thursday, while Metal Tiger shares were up 6.6% at 3.31p.
"Metal Tiger has noted the decline in share price of Greatland Gold and reflecting what we consider to be an oversold situation have increased our position accordingly," said Paul Johnson, Metal Tiger's chief executive.
"The recent decline in share price represents for us a buying opportunity. We intend to capitalise on market price reactions of this nature, enabling us to build positions in undervalued resource companies when the market chooses to offer lower entry prices," Johnson added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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