Australian-listed Silver Heritage Group says it is on track to complete the hospitality areas of its Tiger Palace Resort Bhairahawa in Nepal in September and gaming areas in November after raising AU$19 million in an Entitlement Offer last month.
In a corporate update posted on the Australian Securities Exchange, Silver Heritage confirmed that it had successfully raised AU$10.3 million through its Institutional Tranche and AU$8.7 million through its Retail Tranche to be used for completion of Tiger Palace through opening.
The final budgeted project cost for Tiger Palace is US$51.8 million (AU$64.8 million), having originally been budgeted at US$40 million.
Silver Heritage said it will release its financial results for the six months to 30 June on 25 August, with total sales revenue from its Phoenix International Club in Vietnam and The Millionaire’s Club in Nepal for 2Q17 expected to come in at US$4.03 million, with Adjusted EBITDA of slightly above US$500,000.