Metal Tiger acquires shares in ASX gold producer
AIM-listed equity investment firm Metal Tiger purchased 1.85m shares in Australian gold company Kingsgate Consolidated on Friday as it sought to reap the benefits of its operations in Thailand and Chile.
Financial Services
13,836.86
13:54 01/05/24
FTSE AIM All-Share
764.18
13:55 01/05/24
Metal Tiger
9.06p
16:55 30/03/23
Metal Tiger purchased the shares at an average price of 0.19p, making the total consideration for the 4.99% share in the ASX-listed group £354,544.
Funds were covered by cash generated as a result of asset disposals in Metal Tiger's trading division.
Kingsgate was the operator of two key assets, one being the 100% wholly owned Nueva Esperanza silver and gold project in Chile, and the other being its Chatree gold mine in Central Thailand which it ran via its local subsidiary Akara Resources.
The group said that a definitive feasibility study was expected to be completed in January 2018 at the Chilean mine, while negotiations regarding the Chatree mine were ongoing between Kingsgate and the Thai government after the site ceased operations in December 2016.
In its financial year ended 30 June, Kingsgate posted an income of AUD 8.33m, with net assets of AUD 100.86m.
As of 1400 BST, Metal Tiger shares had advanced 1.98% to 2.32p.