Tiger Resources Closes First Tranche of A$9,000,000 Financing



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

    PERTH, Western Australia, May 28 /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 first tranche of a private
placement to clients of RBC Capital Markets ("RBC").
    On 12 May 2009 the Company announced it proposed to raise A$9,000,000
through a private placement, on a best endeavours basis, of 90 million
ordinary shares (the "Shares") at a price of A$0.10 per Share to institutional
and high net worth clients of RBC in North America, Europe and Australia. A
total of 37.5 million Shares at a price of A$0.10 per Share for gross proceeds
of A$3.75 million (first tranche) have now been issued pursuant to the
Company's 15% placement capacity under the Australian Securities Exchange (the
"ASX") Listing Rules. The issue of 52.5 million Shares (second tranche), being
the number in excess of this 15% capacity, is subject to shareholder approval
at a general meeting to be held on 19 June 2009. The Notice of Meeting for the
general meeting has been dispatched to Tiger shareholders.
    The net proceeds of the private placement 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, and for working
capital and general corporate purposes. The remaining 40% interest in SEK sprl
is held by Gécamines, a DRC government owned entity.
    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.
    David Young, Managing Director of Tiger said: "We are delighted with the
strong support shown by both institutional and high net worth investors in
this raising. The Company views this as a vote of confidence in the Kipoi
Project and the strategy adopted to take it into early production".
    In relation to the Offering, 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 37.5 million Shares;

    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 37.5 million 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

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Tiger Resources Limited

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