- Aeris Resources (AIS) is set to raise $50.4 million through an institutional placement
- Nearly 288 million shares will be issued to institutional and sophisticated investors at 17.5 cents per share which marks a 14.6 per cent discount to the last closing price of 20.5 cents
- The money will mainly be used to fund exploration at the Tritton Copper Operation in New South Wales and the Cracow Gold Operation in Queensland
- The placement is expected to settle on Thursday, June 17, with the shares to be issued on the following day
- Company shares were trading down 3.66 per cent at 19.8 cents
Aeris Resources (AIS) has completed an institutional placement to raise roughly $50.4 million.
The copper explorer will issue around 287.9 million shares at 17.5 cents to new and existing institutional and sophisticated investors. The issue price represents a 14.6 per cent discount to the last closing price of 20.5 cents on June 9 2021.
Aeris Resources will use the money to conduct exploration at the wholly-owned Tritton Copper Operation in New South Wales and the Cracow Gold Operation in Queensland.
“This is an exceptional outcome for Aeris and its shareholders and provides the balance sheet strength to accelerate exploration at both our operations in FY22, while progressing in parallel, life extension projects at Tritton,” Executive Chairman Andre Labuschagne said.
Broken down, $28 million will be used for exploration activities at Tritton and Cracow, $19.9 million will be used for general working capital and the remaining $2.5 million will cover the transaction costs.
“We acknowledge the support of our current and new shareholders and completion of the placement ensures that FY22 will be both a busy and exciting
year for Aeris,” Mr Labuschagne added.
The placement is expected to settle on Thursday, June 17, with the shares to be issued on the following day.
Company shares were trading down 3.66 per cent at 19.8 cents at 10:11 am AEST.