PERTH, Western Australia, Nov. 23 /CNW/ - Tiger Resources Limited (ASX / TSX: TGS) ("the Company" or "Tiger") is pleased to announce that it has completed the acquisition of the outstanding 15% interest in Tiger Congo sprl from Groupe Orgaman for US$3 million in cash.
A diagram showing the revised ownership structure of the Kipoi Project has been included within the SEDAR filing.
The Company believes the acquisition of Groupe Orgaman's interest in Tiger Congo is a significant step forward in consolidating the Company's interest in the Kipoi Project and simplifying the ownership structure.
The final payment required in order to complete the Company's acquisition of its interest in the Kipoi Project is the payment of US$12 million to the project vendors by May 2010. As noted in the Company's news release dated 9 November 2009, this payment is to be funded from the US$33.9 million (approximate) combined equity and debt financing package from Trafigura Beheer BV (refer news releases dated 9 and 13 November 2009 for further details of the terms of this financing package).
Caution Regarding Forward Looking Statements and Forward Looking Information: This 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 Tiger's intention to undertake a debt financing package and the acquisition by Tiger Congo sprl of Congo Minerals sprl and its interest in the Kipoi Project, 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. Assumptions upon which such forward-looking statements are based include that Tiger and Trafigura will be able to satisfy the conditions in the debt facility, that Tiger and Trafigura will be able to agree on the terms of a debt facility and ancillary agreements, that all third party regulatory and governmental approvals to the transaction will be obtained and all other conditions to completion of the transaction will be satisfied or waived, the actual market prices of copper, cobalt and silver, the actual results of current exploration, the availability of 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.
SOURCE Tiger Resources Limited
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: firstname.lastname@example.org; Reg Gillard, Chairman, Tel: (+61 8) 9240 1933, Email: email@example.com; Patrick Flint, Director, Tel: (+61 8) 9240 1933, Email: firstname.lastname@example.org; Company website: www.tigerresources.com.au