Tiger Resources is one step further to developing a large copper project in North America after completing initial stages of a private placement with RBC Capital.
The company hopes to boost its net worth to RBC customers in North America, Europe and Australia and raise $9 million to develop the Kipoi project in Congo.
The Kipoi project covers an area of 55 square kilometres near Lubmbashi in Congo and hosts multiple major copper-cobalt orebodies.
The placement deal will allow Tiger to work alongside the project’s current owner and further develop the site.
Tiger hopes to develop the project in the third quarter of 2009 and is targeting commencement of production in the second quarter of 2010.