Tiger Resources Ltd. secured funding of up to US$30 million to support planned capital enhancements at its Kipoi copper project in the Democratic Republic of the Congo.
The company said Aug. 16 that it executed a funding facility with QMetco Ltd., which allows Tiger Resources unit Société d'Exploitation de Kipoi SA to draw down up to US$30 million in three tranches.
The facility, maturing Dec. 31, 2020, will also allow Tiger to continue discussions with its senior lender group regarding potential options to restructure its debt. The company is in voluntary suspension from trading on the ASX and is likely to be delisted if it is unable to meet the exchange's listing requirements by February 2020.
The facility will carry 8% interest per annum.
QMetco can convert any outstanding balance to ordinary shares until the end of September 2020 at a price of 1 U.S. cent per share. The company will also have the right to appoint a nonexecutive chairman to the board.