JOHANNESBURG (miningweekly.com) – ASX-listed Tiger Resources has secured an extension for the first repayments on its $162.5-million senior financing facility.
Taurus Mining Finance Fund, Resource Capital Fund and the International Finance Corporation have agreed to extend the date for payment of the first scheduled repayment instalment of $1.625-million and the second scheduled repayment instalment of $812 500, until May 1.
Further, a number of conditions under the facility have been extended or waived, also until May 1.
“The conditions include the satisfaction of a number of conditions subsequent and financial covenants under the senior finance facility, which the company advises it has sought and received extensions to, over the last 12 months, from the senior lender group,” Tiger said in an update to shareholders on Monday.
Should these conditions not be satisfied, extended or waived by May 1, it will become an event of default under the senior finance facility agreement.