Metal Tiger exercises option on Thailand interests

Mining outfit Metal Tiger said it had exercised its options to acquire the rest of South East Asia Mining's (SEAM) Thailand interests.

The AIM-Listed company said it would hold a 90% interest after SEAM offloaded a 10% stake to a local operating company.

Metal Tiger paid $0.5m up-front in a cash and shares deal, adding that an extra $0.1m plus $0.06m working capital contribution could be made to SEAM if was granted its primary target prospecting licence 1/2557 in the Kanchanaburi province in Western Thailand.

"We are delighted to announce the exercise of this option which sees Metal Tiger acquire 90% of the entire South East Asia Mining Thailand portfolio and which provides the company with a significant portfolio of precious and strategic metal interests in Thailand," chief executive Paul Johnson.

"With this acquisition now undertaken, our focus moves to building on this foundation by investing in work on the ground in our existing interests and by adding new opportunities that offer material value upside for shareholders," he added.