By Sheri Kasprzak
New York, March 13 - Tiger Resources Ltd. said it completed the private placement of a $2.5 million convertible note and $3,392,000 in units.
The company issued 10.6 million units at $0.32 each to Groupe Orgaman.
The units included one share and one warrant, with each warrant exercisable at $0.45 through March 31, 2008.
The company also sold a $2.5 million 5% convertible note to Groupe Orgaman.
The note is convertible into shares at the end of the first year at 80% of the weighted average price for the five trading days before conversion. The note matures in two years.
If the investor chooses not to convert the note, Tiger must repay half of the note by the end of the first year.
The proceeds from the note and the units will be used to acquire an interest in Societe Minerie de Kaboela et de Kipese.
Separately, Tiger said it plans to raise another $1.6 million from the private placement of 5 million units at $0.32 each.
The units will be sold under the same terms as the presently closed private placement.
Proceeds will be used for working capital.
Based in West Perth, Western Australia, Tiger is a mineral exploration company.
| Issuer: | Tiger Resources Ltd.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $3,392,000
|
| Units: | 10.6 million
|
| Price: | $0.32
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | March 31, 2008
|
| Warrant strike price: | $0.45
|
| Investor: | Groupe Orgaman
|
| Settlement date: | March 13
|
| Stock symbol: | Australia: TGS
|
| Stock price: | A$0.41 at close March 13
|
|
|
| Issue: | Tiger Resources Ltd.
|
| Issue: | Convertible note
|
| Amount: | $2.5 million
|
| Maturity: | Two years
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | 80% of the weighted average price for the five trading days before conversion
|
| Warrants: | No
|
| Investor: | Groupe Orgaman
|
| Settlement date: | March 13
|
| Stock symbol: | Australia: TGS
|
| Stock price: | A$0.41 at close March 13
|
|
|
| Issuer: | Tiger Resources Ltd.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $1.6 million
|
| Units: | 5 million
|
| Price: | $0.32
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | March 31, 2008
|
| Warrant strike price: | $0.45
|
| Pricing date: | March 13
|
| Stock symbol: | Australia: TGS
|
| Stock price: | A$0.41 at close March 13
|
|
|
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