McGrathNicol Restructuring has been appointed as voluntary administrator of Tiger Resources to assess the future of the company and its assets.
McGrathNicol Restructuring’s Rob Kirman and Rob Brauer will work alongside Tiger’s management and directors to explore options of either selling or recapitalising the company.
The voluntary administration does not extend to Tiger’s subsidiaries, including Société d’Exploitation de Kipoi (SEK) and the Kipoi copper project.
However, Tiger’s interest in the Kipoi copper project will be considered in the assessment.
SEK is a 95 per cent-owned subsidiary of Tiger who operates the Kipoi copper project in the Democratic Republic of the Congo.
The mineral resource for the Kipoi copper project was 938,000 tonnes of copper in December 2014.
The first statutory meeting of creditors is scheduled for 17 November 2020 and is preceded by the resignation of Tiger directors Michael Anderson and Rachel Johnson, and secretary Ian Goldberg.
Tiger said it was committed to working with the administrators when considering its options moving forward.
Tiger Resources is an Australian company that has focussed on developing and exploring high grade copper-cobalt deposits.
Tiger director Mike Griffiths had resigned from the company in June 2020 after the company was delisted from the ASX on 3 Febrary 2020 under ASX’s long-term suspended entity policy.
Tiger’s directors Michael Anderson and Rachel Johnston, as well as company secretary Ian Goldberg also handed their resignations last week.