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Metal Tiger partially sells down Kingsgate stake
Strategic natural resource opportunities investor Metal Tiger has sold 7,929,826 shares in Kingsgate Consolidated, it announced on Tuesday.
The AIM-traded firm confirmed the sale brought its holding down to 11,504,685 shares, from 19,434,511, representing 5.15% of KCN's issued share capital.
It said the sales resulted in gross proceeds of AUD 2.69m, or around £1.53m.
"Metal Tiger has taken the prudent decision to de-risk our Kingsgate investment by partially selling down and booking a profit," said Metal Tiger chief executive officer Michael McNeilly.
"It does not, however, mean we are going away."
McNeilly noted Metal Tiger was still retaining more than 5% of Kingsgate, adding that it would be watching the board closely to see if they delivered on what they promised.
"In the meantime we are turning the bulk of our attention to our copper/silver joint venture with MOD in Botswana, where a prefeasibility study on T3 is anticipated shortly."