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Metal Tiger ups stake in Ariana Resources

Metal Tiger ups stake in Ariana Resources

Metal Tiger (LON:MTR) has invested a further £100,000 into Turkish gold miner Ariana Resources (LON:AAU).

The investment vehicle, which specialises in natural resources, has bought over 11mln shares in Ariana at 0.9p apiece.

It means that, to date, Metal Tiger has invested £175,000 into Ariana with the potential to increase that to £250,000 by June should it exercise warrants priced at a minimum of 1.8p.

Kerim Sener, Ariana’s managing director, said Metal Tiger’s latest investment supports “key exploration and development activity planned for the upcoming field season”.

In a statement, Metal Tiger said: “This investment provides shareholders with an enhanced exposure to the considerable upside potential and strength of the Ariana value proposition, which potentially includes impending gold production at Kiziltepe and the possibility of a high value disposal of their interest in the Salinbas/Ardala asset."

Last week, Ariana hailed the results of a scoping study on its Salinbas gold project in north eastern Turkey.

Shares in Metal Tiger climbed 10% to 0.95p. Ariana shares were flat at 0.8p.

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October 01 2018

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