Metal Tiger buys small chunk of Greatland Gold

Strategic natural resource investor Metal Tiger has purchased 14.7 million ordinary shares in Greatland Gold on the market, at an average price of 1.72p per share, it announced on Monday.

The AIM-traded firm said that as a result, its interest in Greatland was 14.7 million shares, representing approximately 0.46% of Greatland’s issued share capital.

Greatland Gold was described as an AIM-listed natural resource exploration and development company with a current focus on gold, copper and nickel exploration projects in Australia.

For the year ended 30 June, Greatland reported net assets of £4.3m and a net loss of £1.9m.

“Metal Tiger is delighted to once again become a shareholder of Greatland Gold following the recent announcement of a world class gold discovery at Greatland’s Havieron licence in the Paterson region of Western Australia,” said Metal Riger chief executive officer Michael McNeilly.

“We are highly encouraged by the indicative size of this new gold discovery at Havieron, given the exceptional drilling and geophysical results Greatland has announced to date.”

McNeilly said Monday’s announcement reflected Metal Tiger’s focus on acquiring minority equity investments in natural resource projects that demonstrated “considerable” upside potential.

“We are confident that through this strategy we can continue to add significant value to Metal Tiger’s direct equities portfolio over the coming months.”