Tigers Realm raises A$43m for Russian mine
PERTH (miningweekly.com) – Tigers Realm Coal has announced plans to raise A$43.5-million through an accelerated renounceable rights offer to fund the construction and commissioning of its coal handling and preparation plant (CHPP) in Russia.
The ASX-listed company on Wednesday said that it would issue more than 5.4-billion new shares, at a price of 0.8c each, with the offer price representing a 33.3% discount to its last closing price and a 37% discount to its 30-day volume weighted average share price.
The entitlement offer is fully underwritten by CLSA Australia, and Tigers Realm’s largest shareholder Dr Bruce Gray has agreed to fully sub-underwrite the offer.
Gray currently holds a 39.42% stake in Tigers Realm, and if he is fully allocated all of the new shares under the entitlement offer, his share in the company would increase to 64.7%, giving him the ability to pass maters requiring shareholder approval by ordinary resolution.
Tigers Realm on Wednesday said that the funds raised would go towards the construction of the CHPP at the Amaam project, as well as for working capital and transaction costs.
The company is working towards becoming a ten-million tonne a year coking coal producer, and is currently developing its Stage 1 operation at Amaam, which could see the production of up to 1.6-million tonnes a year of coking coal.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation