Aeris completes first part of major capital raise
PERTH (miningweekly.com) – ASX-listed Aeris Resources has raised an initial A$74-million through a fully underwritten share placement and institutional entitlement offer.
The company last week announced plans to raise A$117-million in a share placement and a a 1-for-4.22 pro-rata, accelerated non-renounceable entitlement offer to fund the A$234-million acquisition of Found Oak Minerals from fellow listed Washington H. Soul Pattinson (WHSP).
Aeris on Monday noted that some A$43.9-million had been raised through the institutional placement, and a further A$30.1-million through the institutional entitlement offer, both of which had bene priced at 10.5c a share.
The company has also received a binding commitment for the raising of an additional A$17.1-million through a share placement, subject to shareholder approval.
Meanwhile, the retail component of the entitlement offer, which will open on May 5, is expected to raise an additional A$26-million. The retail component of the entitlement offer will close on May 17.
Round Oak owns a diverse portfolio of Australian copper and zinc assets, including the Jaguar zinc/copper underground mine, in Western Australia, the Mt Colin copper underground mine and the Barbara deposit, in Queensland, the Stockman copper/zinc development project in Victoria, and exploration tenements it the Mt Isa region of Queensland.
Under the terms of the agreement, Aeris will pay WHSP A$80-million in cash on the closing of the transaction, and would issue more than 1.46-billiono f its own shares, at a price of 10.5c each, or A$154-million.
The transaction would result in WHSP becoming Aeris’ largest shareholder at 30%., and would see WHSP chairperson Robert Millner join the Aeris board as a non-executive director.
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