Tiger completes institutional placement
PERTH (miningweekly.com) – Copper cathode producer Tiger Resources on Monday announced that it had completed the institutional component of its A$45.6-million capital raising.
The institutional component comprises A$26.1-million. A further A$19.5-million will be raised through a share placement.
The retail component of the offer was expected to open on September 5, and would close on Sept 19.
Under the retail component, eligible shareholders would be able to subscribe for one share for every five existing shares held, at a price of 30c a share.
The institutional placement and retain offer would fund Tiger’s $111-million acquisition of the remaining 40% interest in its flagship Kipoi project, in the Democratic Republic of Congo (DRC), which it announced last week.
Post completion of the transaction, Tiger would cede a 5% interest in the project's holding company to the DRC government, to bring the mining title in alignment to the current mining law and regulation in that country.
The Kipoi project recently achieved commercial copper cathode production at its Stage 2 solvent extraction and electrowinning plant. The plant is expected to produce about 14 000 t of copper cathode in this calendar year, and a further 25 000 t of cathode in the first full 12 months of production.
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