Tiger Resources has tapped investors for up to $50 million to help fund its Democratic Republic of Congo copper project.
The West Perth-based company said it placed $34 million at 34 cents a share with institutional, sophisticated and professional investors, and had agreed to raise a further $8.5 million from a long-only investment fund.
Up to $8 million will be raised from existing shareholders through a share purchase plan at the same issue price.
Tiger said the funds would provide additional flexibility to bank overdraft facilities and augment working capital.
They could also contribute to reserve payments to Tiger's joint-venture partner in the Kipoi copper project and to vendors of Tiger's interest in the mine.
Tiger's shares were down 3.8 cents, or about 10 per cent, to 35.7 cents at 9.30am.
Cannaccord Genuity (Australia) acted as lead manager and bookrunner to the share offer.