Established Australian copper producer Aeris Resources Limited (ASX:AIS) has completed its institutional placement and institutional component of its 2.02 for 1 pro-rata accelerated renounceable entitlement offer which closed on Thursday, 4 June 2020 and raised a total of approximately A$30 million at A$0.03 per share.
The well-supported Placement of approximately 244.3 million shares raised c.A$7.3 million, with several institutions adding to the depth and quality of the Company’s share register.
The Institutional Entitlement Offer raised c.A$22.7 million and had strong support from existing institutional and sophisticated shareholders. The Institutional Entitlement Offer shortfall was placed with new institutional and sophisticated investors. The Company will issue approximately 756.3 million shares under the Institutional Entitlement Offer.
The Company expects to allot and issue the shares in respect of the Placement and Institutional Entitlement Offer (including the institutional shortfall bookbuild) on Monday 15 June 2020, with those shares anticipated to commence trading on the ASX on Tuesday, 16 June 2020.
Aeris’ Executive Chairman, Andre Labuschagne, said: “This has been an excellent result. Aeris had strong demand from new and existing investors for the institutional component of the entitlement offer and the placement. Proceeds of the equity raising will be used to partly fund the cash consideration for the acquisition of Cracow gold mine and associated costs.”