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- Tigers Realm Coal (TIG) has completed the retail component of its one-for-1.4 fully underwritten accelerated renounceable entitlement offer
- The company is a supplier of high-quality coking coal to the seaborne market
- The retail entitlement offer closed on January 4, 2021, and raised approximately $3.7 million, with shares priced at 0.8 cents
- Tigers Realm Coal is in the grey, trading at 1.1 cents per share
Tigers Realm Coal (TIG) has completed the retail component of its one-for-four fully underwritten accelerated renounceable entitlement offer.
The company is a supplier of high-quality coking coal to the seaborne market through the development of its assets located in the vicinity of the Bering Sea coast in the Russian Far East, Chukotka Autonomous Okrug District.
The retail entitlement offer closed on January 4, 2021, and raised approximately $3.7 million, with shares priced at 0.8 cents.
Proceeds from the entitlement offer will be used to fund the construction and commissioning of the coal handling and preparation plant, working capital and transaction costs.
Of Tigers Realm’s substantial shareholder base, BV Mining Holding (BV) and Russian Direct Investment Fund (RDIF) did not participate.
Excluding BV and RDIF, the take-up rate from eligible retail shareholders was approximately 57 per cent.
Eligible retail shareholders also had the opportunity to apply for additional new shares, which will be allocated under the single shortfall bookbuild on 8 January 2021.
With approximately $3.7 million raised under the retail entitlement offer, combined with roughly $17.1 million brought in under the offer’s institutional component, amounts to $20.8 million raised.
This represents 48 per cent of Tigers Realm’s approximate $43.5 million capital raising.
Tigers Realm Coal is in the grey, trading at 1.1 cents per share at 3:15 pm AEDT.
