Red Tiger Mining Inc. announced that it has restructured its senior secured loan and its subordinate secured loan such that: Gerald Metals S.A. has acquired the Senior Loan and will provide Red Tiger with an additional USD 1.5 million working capital facility; The Working Capital Facility plus the accrued interest on the Gerald Loan of approximately USD 1.7 million has been given a priority ranking over all other Red Tiger debt facilities; The USD 3.5 million principal amount of the Gerald Loan has been combined with the approximately USD 9.5 million outstanding Senior Loan balance to form a second tranche of secured debt of approximately USD 13.0 million (the "Second Tranche"); Both the Priority Tranche and the Second Tranche shall bear interest at a rate of 9.9% per annum, a reduction from the previous rates of 10.9% under the Senior Loan and 15.0% under the Gerald Loan.
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