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Tiger Resources Ltd.
Tiger Closes A$ 18,000,000 Financing To Fund DRC Exploration And Development
Balcatta, Western Australia, Australia. May 10, 2007. Tiger Resources Ltd. (ASX: TGS, Frankfurt WKN: A0CAJF) announces today that it has completed a financing led by Haywood Securities Inc. ("Haywood") for A$15,500,000 through a placement of units to clients of Haywood in North America and Europe ("Offering"). The Offering is for 38,750,000 units (the "Units") at a price of A$0.40 per Unit. Each Unit consists of an Ordinary Share (a "Share") of the Company and one-half of one option. Each full option provides the holder with the right to subscribe for one Share at any time on or before 31 May 2009 at an issue price of A$0.50.
Of the total, 7,750,000 Units have been issued in the form of 7,750,000 Shares and 3,875,000 options. The remaining 31,000,000 Units have been issued in the form of Subscription Receipts which are convertible into 31,000,000 Shares and 15,500,000 options upon shareholder approval, with the proceeds of such portion of the offering remaining in escrow pending shareholder approval.
In addition, the Company has completed a concurrent placement to Australian investors of 1,250,000 Units and 5,000,000 Subscription Receipts on substantially the same terms as the Offering for additional gross proceeds of A$2,500,000.
In total the Company has issued 9 million Shares and 4.5 million options (for A$3.6 million), with a further 36 million shares and 18 million options (for A$14.4 million) to be issued subject to receipt of shareholder approval.
A general meeting of the Company for the purpose of approving the conversion of the Subscription Receipts (36 million shares and 18 million options) will be held in June 2007. The Subscription Receipts represent the securities in excess of the Company's 15% placement capacity under the Australian Securities Exchange Listing Rules.
The net proceeds of the placement will be used for exploration and development of the Company's Kipoi project in the Democratic Republic of Congo and for working capital and general corporate purposes.
In relation to the Offering, the Company gives the following notice under section 708A(5)(e) of the Corporations Act 2001 (the "Act"):
1. on 10 May 2007 the Company issued a total of 7,750,000 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.
An Appendix 3B in respect of the 7,750,000 Shares referred to above accompanies this announcement:
http://www.goldinvest.de/public/data/documents/
Tiger_Resources_Press_Release_10May2007_e.pdf
For further information, please contact:
Tiger Resources Ltd.
D. J. Young, Managing Director
30 Ledgar Road, Balcatta, Western Australia 6021, Australien
Tel. +61 (8) 9240 1933
Fax +61 (8) 9240 2406
tiger@tigerez.com
http://www.tigerez.com/
http://www.tigerresources.de/
AXINO AG
Königstraße 26
70173 Stuttgart
Germany
Tel. +49 (711) 25 35 92-30
Fax +49 (711) 25 35 92-33
http://www.axino.de/
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