Tiger Resources Limited Extends Taurus Facility
11.02.2015 | ABN Newswire
Perth, Australia (ABN Newswire) - Tiger Resources Ltd. (ASX:TGS) ("Tiger") is pleased to announce that it has agreed amended terms with Taurus Mining Finance Fund ("Taurus") in respect of the US$100 million acquisition finance facility entered into on 27 August 2014. The facility is currently drawn to US$75 million.Under the amended terms the facility will be available for working capital purposes, and Tiger has a right to extend the term of the facility to 31 January 2016.
The amended terms provide Tiger with the right to extend the facility from 17 October 2015 (the current expiry date of the facility) to 31 January 2016 at an interest rate of 11% per annum. The agreement is subject to the issue of 55 million options to Taurus with a four-year term exercisable at A$0.10, of which 7,911,609 will be issued immediately and the balance by 31 May 2015.
Managing Director Brad Marwood commented: "The amended terms with Taurus provide for a significant improvement to Tiger's balance sheet liquidity through 2015 while the Company continues to pursue several long term funding alternatives, which are now at an advanced stage. We welcome the continued support from Taurus.
About Tiger Resources Limited:
Tiger Resources Ltd. (ASX:TGS) has established itself as a producing copper/cobalt company with excellent growth potential after making the transition from an explorer. We have a highly-rated portfolio of properties, all strategically located on the world renowned Katanga Copperbelt in the Democratic Republic of the Congo (DRC), central Africa.
Contact:
Tiger Resources Ltd.
T: +61-8-6188-2000
F: +61-8-6188-2099
www.tigerez.com