The transaction included some 106 million shares at 20c per share to be completed in two tranches.

Placement targeted $20 million but oversubscriptions for an additional $1.2 million were accepted.

Tigers said the proceeds would be directly applied to Amaam and North Amaam, providing sufficient funding to complete planned work programs through to the end of March 2014.

It includes continuation of the drilling program to delineate an initial resource at Amaam North and the further upgrades of the large resource base at Amaam.

The company said the placement was supported by both existing shareholders and new investors.

“We are pleased with the support received from existing shareholders under the placement and welcome all new shareholders to the TIG register,” Tigers chief executive officer Craig Parry said.

“At a time when global markets remain challenged the support we have received is outstanding and affirms our view that our projcets are among the best undeveloped coking coal opportunities globally.

“The funds rasied from the placement will enable us to advance Amaam and Amaam North rapidly and maximise the value of these projects for all shareholders.”

Tigers yesterday announced further drilling success at Amaam North as the company moved closer towards announcing an initial JORC-complaint resource.

Three drillholes have yielded thick intersections of coking coal with cumulative thicknesses of 8.4m, 67m below surface; 5.4m, 59.5m below surface; and 3m, 50m below surface.

The discovery follows the success of initial drilling earlier in the month that intersected thick coal at two holes with cumulative thicknesses of 9.28m, 34m below surface and 10.89m, 42m below surface.

Tigers’ more advanced site Amaam has established a 294 million tonne inferred resource with an additional 220-345Mt exploration target within a 709sq.km exploration package.