Chris WhealAIM quoted commodity investor Metal Tiger has taken a further strategic investment in Kingsgate Consolidated buying 430,000 ordinary shares taking its stake to more than 5%.
It paid an average price of circa AUD$0.33 (£0.20) per ordinary share for a total consideration of AUD$ 142,050 (£84,250), to bring its total holding in KCN up to 11,583,409 ordinary shares, representing 5.18% of the company.
Reuters reports that Kingsgate Consolidated is an ASX listed Gold Company that owns two main assets, the Chatree Gold Mine, through its Thai subsidiary Akara Resources Public Company Limited and the 100% owned Nueva Esperanza Project Silver Gold project in Chile where a definitive feasibility study is expected in January 2018.
Thai opportunity
KCN is currently in negotiations with the Thai government to reopen the Chatree Gold Mine after it ceased operations in December 2016.
In the financial year ended 30 June 2017 KCN made total comprehensive income of AUD$8,333,000 (£4,906,470) and had net assets of AUD$100,860,000 (£59,401,497).