Tigers Realm raises funds
PERTH (miningweekly.com) – ASX-listed Tigers Real Coal has completed the institutional component of a near $40-million capital raise to fund the repayment of debt and capital expenditure at its Amaam coal project, in Russia.
The institutional entitlement component of its 13-for-4 accelerated renounceable entitlement offer, which was priced at 1c a share, raised a gross proceed of around A$39.7-million, or $27.3-million.
Tigers Realm on Friday said that the retail entitlement component of the offer would now open on December 23, and will close on January 22.
Eligible retail shareholders would also be allowed to subscribe for 13 new shares for every four Tigers Realm shares held, at a price of 1c each.
The company has told shareholders that $20.5-million of the funds raised would go towards settling existing shareholder debt, while a further $5-million will be spent on the early repayment of leasing obligations, $6.5-million on capital expenditure at the Amaam mine and port, $6-million on working capital, and a further $2-million on license compliance drilling.
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