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Metal Tiger makes $750,000 investment in Armada Exploration
StockMarketWire.com
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Mining investor Metal Tiger has announced an investment in Armada Exploration which, following completion, means it will own 18.5% of the issued ordinary share capital of Armada.
Metal Tiger has subscribed for 5,000,000 new ordinary shares at a price of $0.15 in Armada for total consideration of $750,000 via a promissory note, with $350,000 to be invested up-front and with the $400,000 to be paid in monthly instalments of $80,000 over the next five months.
In total, the company will invest $750,000 for 18.5% of Armada alongside RCF Opportunities Fund and Cobre. Metal Tiger has a 19.99% equity interest in Cobre.
Metal Tiger chief executive Michael McNeilly said: 'We are pleased to invest in Armada, which presents a district scale opportunity with compelling geology. This frontier is significantly under-explored, which makes it so exciting, and we welcome the longer-term proposal for Armada to undertake an IPO.'
He added: 'Armada has completed significant work to create a compelling geological model that has delineated multiple drill-ready projects. Should the initial work programme prove successful it has the potential to create significant value uplift across all of the untested targets and increase the overall attractiveness of the district.'
The company will be given the right to appoint a director to the board of Armada but has not yet opted to take up this right.
At 8:50am: (LON:MTR) Metal Tiger Plc Ord 0.01p share price was 0p at 20.75p
Story provided by StockMarketWire.com
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