Tiger Resources Limited has secured a funding facility with one of its current senior lender groups, Taurus Funds Management of $18.7 million.
The new finance facility will provide funding to support the Company’s pursuit to refund and improve its ongoing operations at its Kipoi Copper production business which is situated in the Democratic Republic of Congo.
Kipoi Copper is a project which contains five different prospects. It’s operated by SEK, a 95
The Kipoi Copper project hosts the following five deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe. As of December 2014, mineral resources for the Kipoi Copper Project were 938,000 tonnes of copper.
Exploration and work on these prospects in the past few years have come to a halt due to the underperformance of equipment such as its tank leach facility. Lightning and other harsh weather conditions also caused damage to the project’s equipment.
After consulting with advisors, Tiger has discussed with its senior lenders, the restructuring of its current debt and is currently progressing all commercial opportunities in the interests of its shareholders and other stakeholders.
The lenders have agreed to continue to waive repayment of principal and to capitalise interest on their existing secured debt facilities to 31 May 2020. Tiger remains in voluntary suspension from trading on the ASX whilst it addresses its medium-term financing requirements. Shareholders will be kept updated.