UPDATE 2.25pm: Tiger Resources has raised $US18.7 million in a placement and sourced an extra $US25 million through an offtake prepayment facility.
The money will be used for the phase two and three expansion of the Kipoi copper project in the Democratic Republic of Congo ($US21 million) and a $US10 million loan to its 60 per cent-owned subsidiary to settle the DRC Government's 5 per cent interest in the Kipoi project.
The balance will be used for working capital.
Tiger said it had decided to bring forward a number of capital expenditure items currently budgeted in Phase two and three of the SXEW expansion program.
"These items include an upgrade to the power distribution network and site works for the installation of 30MVA electrical transformers, the early development of heap leach pads 2, 3 and 4, and the installation of a conveyor and stacker system which will replace the current 800m truck haulage requirement of ore to the heap leach operation," the company said.
"These initiatives are expected to materially reduce unit operating costs in phase one as well as facilitate the implementation of the phase two and phase three expansion.
"The working capital allocation is to provide adequate reserves against any unforeseen delays or costs during the SXEW ramp-up."
Tiger shares were off 4.5 cents, or 12.16 per cent, to 32.5 cents at the close.