Norton Rose Fulbright has advised Tiger Resources on its $162.5 million senior debt facility with the International Finance Corporation (IFC), the private arm of the World Bank Group, and Taurus Mining Finance Fund in respect of the Kipoi Copper Project.
This project is located in the central part of the Katanga Copper Belt of the Democratic Republic of the Congo (DRC).
The new senior debt facility served to refinance Tiger’s existing debt facilities with Taurus and Gerald Metals (Tiger’s exclusive offtaker) as well as to provide approximately US$25 million to fund the expansion of Kipoi. The expansion aims to increase the capacity of the SXEW plant from 25,000tpa to 32,500tpa of copper cathode by November this year.
The senior debt is secured by cross border security over the Tiger group entities, including in the DRC, British Virgin Islands, Australia, South Africa, and Mauritius.
In conjunction with the debt facility, Tiger successfully undertook an equity capital raising via a share placement and an accelerated non-renounceable entitlement offer to raise gross proceeds of approximately US$22 million, with commitments received from IFC and by Tiger’s existing shareholder, Resource Capital Funds.
Norton Rose Fulbright advised Tiger Resources on the deal with a team led for the debt financing by Jake Howard (Perth, in picture), Poupak Bahamin (Paris) and Steve Chemaly (Johannesburg), while James Stewart (Melbourne) led the equity capital raising. They were assisted by Christian Navarro, Kagiso Maine and Katherine Werren in Perth, Chris Mitchell in Melbourne, Sabine Bertin in Paris and Fabio Miceli and Ntombentsha Odolo in Johannesburg.
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