PERTH (miningweekly.com) – Copper miner Tiger Resources has secured an $18.2-million facility to support ongoing operations and to fund initiatives to improve the performance of its Kipoi copper project, in the Democratic Republic of Congo.
The new facility, which has a 13% a year interest rate, was agreed to with two of Tiger’s current senior lender group, and will run until the end of September 2018.
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The ASX-listed company said on Tuesday that it was undertaking a comprehensive restructuring and recapitalisation process, progressing all commercial opportunities in the interest of shareholders.
Along with the finance facility, Tiger has also entered into a deed of forbearance with its enders, providing the company with a platform to use its best endeavours to facilitate investment in the company to restructure its balance sheet and to recapitalise.
“The lenders’ continued support recognises the operational improvements made since February 2017 by the new management team and the potential of the Kipoi copper project to generate substantial value in the long-term,” said Tiger CEO Brad Sampson.
He noted that the lenders have agreed to waive repayment of principal and to capitalise interest on their existing secured debt facilities for no less than 12 months.
Edited by: Creamer Media Reporter
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