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Metal Tiger said it had agreed to acquire shares in Western Australia-focused miner Cobre for around A$0.5m.
The purchases would representing about 15% of Cobre's enlarged issued share capital.
Cobre was currently the 80% owner of Toucan, which held a group of tenements in Western Australia collectively referred to as the Perrinvale project.
At 10:00am: (LON:MTR) Metal Tiger Plc Ord 0.01p share price was 0p at 1.25p