Tiger Resources Ltd announced it has entered into agreements to raise $21.85 million to complete the funding for the Stage 1 Development of its Kipoi Project.

Tiger Resources will issue 121.4 million shares to institutional clients of Ambrian Partners in the United Kingdom and certain existing major shareholders at $0.18 per share.

The company said the agreement secured the funding required, together with the US$15 million debt facility from Trafigura Beheer B.V., to bring the US$30 million stage 1 copper mining operation at Kipoi into production.

The Kipoi Project covers an area of 55 sq kms and is located 75km north?north?west of the city of Lubumbashi in the Katangan Province of the DRC. The Project contains a 12km sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North,Kileba, Judeira and Kaminafitwe.

The high grade zone of mineralisation at Kipoi Central is proposed to be exploited during the Stage 1 development. During the three year life of Stage 1 development a total of 900,000tpa of 7% Cu is planned to be processed to produce the equivalent of 35,000tpa of Copper.

Ambrian is a UK based investment bank and a member of the London Stock Exchange. It provides corporate finance advice, equity research, sales and trading and market making services, with a particular focus on the metals & mining and oil & gas sectors.