Argonaut acted as Lead Manager to successfully raise $58.2 million for Tigers Realm Coal Limited at an issue price of $0.01 per share by way of a Simultaneous Accelerated Renounceable Entitlement Offer (“SAREO”) in 2019 to repay shareholder debt and for mine and port Capex capitalisation. The SAREO was underpinned by strong support for existing shareholders and sophisticated investors, resulting in an oversubscribed Offer which was also used to fund license compliance drilling and serve as general working capital.

Tigers Realm Coal Limited (ASX:TIG) is a development company with assets located in the vicinity of the Bering Sea coast in the Russian Far East, Chukotka Autonomous District. As part of the Beringovsky Advanced Development Zone in Russia’s Far East Regions, Tigers Realm Coal Limited enjoys a series of benefits and incentives for developing export-oriented business including the wholly-owned Amaam Coal Project in the Bering Sea coast.