Draws Down Additional AU$25 Million Advance Payment
Perth, July 15, 2014 AEST (ABN Newswire) - Tiger Resources Limited (
ASX:TGS) ("Tiger") is pleased to advise it has arranged a further $25 million advance payment facility ("Second Advance") from Gerald Metals SA ("Gerald") to Tiger's 60% subsidiary, Société d'Exploitation de Kipoi SPRL ("SEK"), the operator of the Kipoi Copper Project in the Democratic Republic of Congo (DRC).
This advance payment is in addition to the existing $50 million advance payment facility ("First Advance") provided by Gerald to SEK, and is provided for general working capital purposes related to mining operations and the solvent-extraction and electro-winning (SXEW) plant at Kipoi.
Under the new agreement with Gerald the First Advance and Second Advance are combined, with the total advance amount of $75 million being repayable by SEK in 18 equal monthly instalments from January 2015 to June 2016. Gerald has an off-take agreement for 175,000 tonnes of copper cathode, with 100% of cathode production from the SXEW plant committed until that tonnage has been delivered. All other terms remain unchanged from the First Advance.
About Tiger Resources Limited
Tiger Resources Limited (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.
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