Metal Tiger grabs stake in Cote d’Ivoire focused Tanga Resources

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Metal Tiger PLC (LON:MTR) has made an investment in Africa-focused exploration and development company Tanga Resources Ltd (ASX:TRL).

The AIM-listed outfit subscribed for A$150,000 worth of shares as part of a larger A$7mln placing, giving it 5mln new shares at the placing price of A$0.03 per share.

Tanga, which has exploration joint venture interests in Cote d’Ivoire as well as exploration interests in Namibia, plans to use the proceeds of the placing to conduct exploration work.

Metal Tiger participated in the second tranche of the placing, for which shareholder approval will be sought at Tanga’s annual general meeting, which is expected to be held in November.

Following completion of the placing, Metal Tiger will own roughly a 1.35% stake in Tanga, which for the year ended June 30, 2019, reported a net loss of A$8.1mln and as at 31 December 2019, had total assets of A$3.5mln.

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