Metal Tiger takes chunk of Connemara Mining

13th May 2016 12:03

(ShareCast News) - Friday brought another strategic investment from natural resource investing company Metal Tiger, as it confirmed it was putting £0.1m into Connemara Mining Company.The AIM-traded firm said the investment is entirely in cash, and is in exchange for five million Connemara shares at 2p.Metal Tiger is also to receive one warrant at 5p for each Connemara share purchased at 2p in the placing, with a warrant life of 24 months.Following completion, Metal Tiger will own 6.6% of Connemara Mining's issued share capital.This strategic investment in Connemara Mining demonstrates Metal Tiger's interest in natural resource exploration in Ireland and complements the investment made in Conroy Gold and Natural Resources recently," said Metal Tiger chairman Terry Grammer.He said the company is pleased to see the commitment of Connemara to use funds raised to continue drilling in Donegal, and they look forward to the results from the drilling programme in due course."Metal Tiger is keen to undertake and support further investment in Irish exploration through its Asset Trading and Metal Projects divisions, and further work is being undertaken to achieve this objective," Grammer explained."As and when further transactions are finalised we will notify the market accordingly."Metal Tiger's chief executive Paul Johnson already holds shares in Connemara Mining, with the company confirming he excluded himself from the investment decision.