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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 per cent-owned subsidiary of Tiger. The Company plans on capital upgrades which will be essential for longer term production improvement and efficiency.

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.

In interest of improving its operation, the Company signed a second Deed of Forbearance in October 2018. The lenders (Taurus Funds Management, International Finance Corporation, and Resource Capital Fund VI L.P) agreed to waive repayment and to capitalise interest on their existing secured debt facilities.

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.

Please find the announcement attached

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