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Tigers Realm Coal secures US$15M short-term funding from major shareholders

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Tigers Realm Coal secures US$15M short-term funding from major shareholders

Tigers Realm Coal Ltd. secured US$15 million in short-term funding from two major shareholders, BV Mining Holding Ltd. and Pine Ridge Holdings Pty. Ltd., to meet its financial obligations, it said Oct. 24.

The maturity date of the loans, amounting US$7.5 million each with an interest rate of 20%, is set for Jan. 31, 2020.

Proceeds of the loan will be used to prepay amounts owed to Sberbank under a working capital loan agreement and to provide additional working capital until the company can secure longer-term financing agreements.