Metal Tiger rises on approval of ZimNRG purchase

The AIM-traded company said that, following approval by ZimNRG shareholders, Metal Tiger had invested £50,003 to acquire 19,027,268 ZimNRG shares, representing a 28.25% holding.

It would be held in the Metal Tiger Asset Trading division.

Metal Tiger said ZimNRG would now change its name to Metal NRG, and pursue business transactions in line with a new investing policy, which focused on the natural resources and energy sectors.

"We are delighted to see crystallisation of the ZimNRG transaction following shareholder approval," said Metal Tiger chief executive officer Paul Johnson.

"I have now joined the Board of ZimNRG to monitor and advance Metal Tiger's investment and look forward to working with the ZimNRG team to progress a number of new opportunities, some of which may emerge from Metal Tiger's pipeline of opportunities," he added.

Johnson said Metal Tiger was building relationships with a number of AIM and ISDX companies to provide a number of avenues through which initiatives and opportunities could be channelled, with the ZimNRG transaction the first to be finalised in that regard.

"As Metal Tiger advances and grows, it is vital to focus the company in the optimal manner to build value for shareholders. Recently the company has made significant progress in its key strategic project investments including Botswana, Spain and Thailand," Johnson explained.

"The board therefore sees the need to focus the majority of our efforts on the strategic projects where there is potential for significant valuation uplift for shareholders."

Johnson said that, by developing its external network through ISDX and AIM peers, Metal Tiger could ensure its focus was fixed on building its strategic project interests while otherwise crystallising near-term value and ongoing working capital from its pipeline of opportunities.

At 1200 GMT, shares in Metal Tiger were up 23.21% to 1.72p.