Tiger Resources Closes A$10.37 million Financing and Share Purchase Plan



    
    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/
    

    PERTH, Western Australia, June 25 /CNW/ - Perth-based emerging copper
miner Tiger Resources Ltd (ASX/TSX - TGS) ("Tiger" or the "Company") is
pleased to announce that it has completed the private placement to clients of
RBC Capital Markets ("RBC") and also closed the Share Purchase Plan ("SPP")
announced on 18 May 2009.
    The private placement has been completed in two tranches, with the second
tranche requiring shareholder approval which was received at the General
Meeting held on 19 June 2009.
    The $10.37 million gross proceeds (from the issue of a total of
103,722,500 shares at A$0.10 per Share) of the private placement and the SPP
secure the funds for the payment due in July 2009 in connection with the
acquisition by the Company of a 60% interest in SEK sprl, a Democratic
Republic of Congo ("DRC") registered company which has the rights to the Kipoi
project in the DRC (the remaining 40% interest in SEK sprl is held by
Gécamines, a DRC government owned entity). The proceeds will also used to fund
resource drilling and further step out drilling at the Company's grassroots
copper discovery at the 100% owned Lupoto Project and for working capital and
general corporate purposes.
    Tiger is focused on the near term development of Kipoi based on an
optimized feasibility study that significantly enhanced the economics of the
project. Tiger is targeting securing project finance for Stage 1 of the
planned development at Kipoi in the third quarter of 2009, and is targeting
commencement of production in the second quarter of 2010.

    
    In relation to the share issues, the Company gives the following notice
under section 708A (5) (e) of the Australian Corporations Act 2001 (the
"Act"):

    1.  the Company has issued a total of 66,222,500 Shares (note - in
        addition to the 37,500,000 issued in May 2009 in the first tranche of
        the private placement);

    2.  the Company issued those Shares without disclosure to investors in
        accordance with Part 6D.2 of the Act;

    3.  as at the date of this notice, the Company has complied with:

        -  the provisions of Chapter 2M of the Act as they apply to the
           Company; and

        -  section 674 of the Act; and

    4.  as at the date of this notice, there is no information which is
        "excluded information" within the meaning of section 708A (7) of the
        Act.
    

    In accordance with the requirements of the ASX, an Appendix 3B in respect
of the 66,222,500 Shares referred to in this announcement is being lodged with
the ASX concurrently with this announcement.

    Additional Notes:

    Caution Regarding Forward Looking Statements and Forward Looking
Information: This news release contains forward looking statements and forward
looking information, which are based on assumptions and judgments of
management regarding future events and results. Such forward looking
statements and forward looking information, including but not limited to those
with respect to the acquisition of a 60% interest in SEK sprl, the development
of the Kipoi project based on an optimized feasibility study, the Company's
plans to secure project finance for Stage 1 of the Project and expected
production, involve known and unknown risks, uncertainties, and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any anticipated future results, performance or
achievements expressed or implied by such forward looking statements and
forward looking information. Such factors include, among others, the actual
market prices of copper, cobalt and silver, the actual results of current
exploration, the availability of equity and debt financing for a company that
does not have any producing properties, the volatility currently being
experienced in global financial markets, the actual results of future mining,
processing and development activities, changes in project parameters as plans
continue to be evaluated, as well as those factors disclosed in the Company's
Annual Information Form, under the heading "Risk Factors". The Company's
Annual Information Form is available under the Company's profile on SEDAR at
www.sedar.com.





For further information:

For further information: in respect of the Company's activities, please
contact: David Young, Managing Director, Tel: (+61 8) 9240 1933, Email:
dyoung@tigerez.com; Reg Gillard, Chairman, Tel: (+61 8) 9240 1933, Email:
gillardr@tigerez.com.au; Patrick Flint, Director, Tel: (+61 8) 9240 1933,
Email: pflint@tigerez.com; Company website: www.tigerresources.com.au

Organization Profile

Tiger Resources Limited

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890