Balcatta-based mineral explorer Tiger Resources Ltd has issued 3.7 million shares to Belgium-owned Groupe Orgaman, after Orgaman exercised a $2.4 million convertible note.
The full text of a company announcement is pasted below
Tiger Resources Limited ("the Company") is pleased to advise that it has issued a total of 3,696,466 shares pursuant to conversion of the US$2 million note (and accrued interest of US$100,000) held by Orgaman Groupe. In accordance with the terms and conditions of the note, the issue of which was approved by shareholders in July 2006, the total loan amount of US$2.1 million has been converted to shares based on 80% of the volume weighted average price for the five trading days prior to the conversion.
In relation to the Offering, the Company gives the following notice under section 708A(5)(e) of the Corporations Act 2001 (the "Act"):
1. on 24 July 2007 the Company issued a total of 3,696,466 Shares;
2. the Company issued those Shares without disclosure to investors in accordance with Part 6D.2 of the Act;
3. as at the date of this notice, the Company has complied with:
- the provisions of Chapter 2M of the Act as they apply to the Company; and
- section 674 of the Act; and
4. as at the date of this notice, there is no information which is "excluded information" within the meaning of section 708A(7) of the Act.
An Appendix 3B in respect of the 3,696,466 Shares referred to above accompanies this announcement.
