Metal Tiger PLC (LON:MTR) has announced a new investment, subscribing for £570,000 worth of shares in Trident Resources PLC (LON:TRR) which is currently raising £16mln, with shares priced at 20p each, as it prepares to float on London’s AIM market.
Metal Tiger has conditionally subscribed for some 2.85mln shares. Upon completion and listing, Metal Tiger will own some 2.75% of Trident’s issued share capital.
Trident is a growth-focused, diversified mining royalty and streaming company, aiming to provide investors with exposure to a mix of base and precious metals, bulk materials (excluding thermal coal) and battery metals.
“This is an exciting new investment for Metal Tiger that provides shareholders with exposure to a recently established, high growth-focused royalty and streaming investment company for the mining sector,” Michael McNeilly, Metal Tiger chief executive said in a statement.
“We are delighted that Trident is set to successfully launch on AIM, and we look forward to further updates from Trident as they focus on delivering on their strategy,” he added.
Metal Tiger chief investment officer Mark Potter is an independent non-executive director of Trident.