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Additional Information
Market: ASX TSX
Sector: General Mining
EPIC: TGS
Latest Price: 0.48  (3.26% Ascending)
52-week High: 0.63
52-week Low: 0.35
Market Cap: 318.78M
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Tiger Resources
www.tigerresources.com.au

Tiger Resources (ASX/TSX:TGS) is a copper/cobalt exploration company with excellent growth potential as it makes the transition from explorer to producer. Tiger has built up a highly-rated portfolio of properties, all strategically located on the world renowned Katanga Copperbelt in the Democratic Republic of the Congo (DRC).

 

Full Tiger Resources profile here
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Tiger Resources completes A$7.5m placement

13th Nov 2009, 11:34 am
Tiger Resources completes A$7.5m placement

Perth-based Tiger Resources (ASX/TSX: TGS) has advised it has completed the placement of 50 million ordinary shares at a price of A$0.15 per share to Trafigura Beheer BV. Proceeds raised from the placement are A$7,500,000 (US$6.9m).

Trafigura is one of the world’s largest independent commodities trading companies, with over 1,900 people employees in 42 countries, and with annual turnover of over US$70 billion.

Earlier this week, the company announced a conditional agreement with Trafigura for a combined equity and debt financing package - for a total of US$33.9m.

The proceeds from the placement will be used to acquire the outstanding 15% interest in Tiger Congo sprl from Groupe Orgaman (US$3 million), fund the resource drilling and further step out drilling at Tiger’s grassroots copper discovery (Sase Prospect) at the 100% owned Lupoto Project, and for working capital and general corporate purposes.

Sase is one of a number copper mineralised zones, Tiger has discovered within the Lupoto Project. Significant copper drilling intersections from an initial diamond drilling programme at the Sase Project were reported during the year.

Lupoto is 100% owned by Tiger and is located approximately 15km to the south of the Kipoi Project in the Democratic Republic of Congo (DRC).

Trafigura will hold approximately 12.35% of the company’s total issued shares on completion of the placement. Trafigura has extensive experience of operating in the DRC.

The debt financing package consists of a loan note debt facility for US$12 million and a subordinated debt facility for US$15 million.

Completion of the loan note and subordinated debt facilities are subject to various conditions precedent including completion of detailed documentation, receipt of shareholder and Toronto Stock Exchange approval.

In the case of the subordinated debt facility, the US$16 million senior debt facility (the Nedbank facility) is conditional on it being in place and available.

Documentation is currently being prepared and it is anticipated that the shareholder meeting to approve aspects of the financing package will be held in the first quarter of 2010.

Tiger Resources is focused on the discovery and development of significant high grade copper/cobalt deposits in the highly mineralised  “Roan Sequence” of the world-renowned Africa Copper Belt in the Democratic Republic of the Congo (DRC).

The company has an interest in a number of highly prospective projects covering 1,550sq kms, including the Kipoi, Lupoto and Sakania projects.

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