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Tiger Resources funding facility allows drawdown of US$30 million

The company has been exploring options and confirms QMetco was the only party to provide funding on acceptable terms within the timeframe required.

Tiger Resources Ltd - Tiger Resources secures funding facility with QMetco allowing drawdown of US$30 million
The company remains in voluntary suspension from trading on the ASX

Tiger Resources Ltd (ASX:TGS) has secured a funding facility with QMetco Ltd which allows the drawdown of up to US$30 million over three tranches.

The facility provides important funding to support the company’s planned capital enhancements at its Kipoi Copper Project in the Democratic Republic of Congo (DRC) as well as provide ongoing working capital.

This will allow the company to continue to progress discussions with its senior lender group regarding potential options to achieve a more holistic restructure of the current debt position.

Tiger Resources remains in voluntary suspension from trading on the ASX while it addresses its medium-term financing requirements and progresses discussions regarding the proposed restructure.

Facility

The company has executed a funding agreement whereby QMetco agrees to make available to Societe d’Exploitation de Kipoi SA (SEK), a US$30 million super priority facility.

The facility matures on December 31, 2020, and is for a total of US$30 million with US$5 million and US$7 million to be made available under Tranche 1 and Tranche 2 respectively.

US$18 million will be made available under Tranche 3 subject to the satisfaction of various conditions.

Management changes

QMetco has exercised its right to appoint Michael Anderson as a non-executive chairman.

Anderson has more than 25 years’ industry experience in southern Africa and Australia with his career beginning as a geologist with Anglo American.

Tiger managing director Caroline Keats said: “We are very pleased to have Mr Anderson join the company as non-executive chairman.

“Anderson has a wealth of experience in the mining industry bringing more than 25 years’ experience of senior leadership and technical expertise to the company.”

Tiger has also begun the search for a replacement chief financial officer.

Quick facts: Tiger Resources Limited

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ASX:TGS
Market: ASX
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