Tigers Realm Coal (TIG) has raised AUS$15.4 million under an entitlement offer of TIG shares at an offer prices of AUS$0.026 per share. The company had targeted raising up to AUS$23.3 million.
In total, around two-thirds of the new shares were taken by eligible shareholder. The shortfall will now be allocated to the underwriters – BV Mining Holding Ltd, Hanate Pty Ltd and RDFI Investment Management.
A number of the shortfall shares are subject to shareholder approvals or approval from the Australia’s Foreign Investment Review Board (FIRB). Those new shares not requiring approval are expected to the issued on 3 August.
A general meeting to obtain the necessary shareholder approval is expected to be held in September.
The ASX-listed company is developing coal projects in the Russian Far East including coal reserves in the company’s Amaam North and Amaam tenements and the Beringovsky port and coal terminal.
Edited by Jonathan Rowland.
Read the article online at: https://www.globalminingreview.com/finance-business/28072016/tigers-realm-taps-shareholders-for-cash-2016-2101/