(MENAFN- ProactiveInvestors)Metal Tiger Plc (LON:MTR) has invested £125000 in Irish exploration group Conroy Gold and Natural Resources (LON:CGNR). It has agreed to buy 675675 Conroy Gold shares priced at 18.5p each. It also receives warrants to acquire more shares at 37p each over a 30 month period. The share subscription gives Metal Tiger a 6.1% stake in Conroy. Paul Johnson Metal Tiger chief executive described the investment in Conroy Gold as an important step. 'The undervaluation of resource companies on AIM continues as demonstrated by Conroy Gold who have identified a substantial mineralised gold system and continue to confirm additional gold targets across their licence portfolio' Johnson said. 'With the investment today we are supporting Conroy Gold in their pursuit of progress on the ground and we look forward to hearing of further developments in due course." The Metal Tiger investment is part of a larger £1mln (€1.28mln) share placing designed to fund the advancement of Conroy's principal gold opportunities particularly the Clay Lake and Clontibret targets where it has a 5mln ounces of gold targets. Professor Richardson Conroy Conroy Gold chairman in a statement said: 'We are particularly pleased to have raised a material sum enabling us to continue and accelerate our operational activities. 'We are also pleased to have attracted the interest of Metal Tiger which approached us to undertake and underpin this financing.'
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