PERTH (miningweekly.com) – ASX- and Aim-listed Metal Tiger has generated A$6.9-million in proceeds from the sale of 1.3-million shares in fellow listed Sandfire Resources, at A$5.35 a share.
The company said on Wednesday that it has used part of the proceeds of the share sale to take up its pre-emptive rights in the retail component of Sandfire’s A$200-million capital raise, investing just over A$2-million for an additional 473 215 shares in the company at a price of A$4.30 each.
Following the disposal of the 1.3-million shares, Metal Tiger’s interest in Sandfire reached 1.29%, and following the entitlement offer transaction, its shareholding in the company now stands at 1.39%.
Meanwhile, Metal Tiger told shareholders that A$3.8-million of the proceeds from the share sale had been used to reduce the loan balance outstanding under the Margin Lending Facility to around A$0.85-million.