- Aeris successfully completed a $50.4m equity raising by way of institutional placement
- Funds will accelerate exploration programs at Aeris’ 100%-owned Tritton Copper Operation and Cracow Gold Operation
- Strong institutional demand enabled bookbuild to be closed intra-day
- Approximately 287.9 million new shares to be issued at $0.175 per share
Established Australian copper-gold producer and explorer Aeris Resources Limited (ASX: AIS) is pleased to announce that it has successfully completed an institutional placement of new ordinary fully paid shares to raise $50.4 million.
The funds will be used to accelerate exploration programs at the company’s 100%-owned Tritton copper and Cracow gold operations, provide general working capital and cover transaction costs of the placement.
The placement was conducted at $0.175 per share, representing a 14.6% discount to the last close of $0.205 on 9 June 2021, to various new and existing institutional and sophisticated investors. Bell Potter Securities and Euroz Hartleys acted as joint lead managers to the placement.
Aeris’ executive chairman Andre Labuschagne said:
“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 project at Tritton.
“In FY22 we will continue development of the Budgerygar underground mine. We are also finalising plans to commence development of Avoca Tank (underground) and a cut-back of the open pit at Murrawombie.
“The strong institutional support for the placement, I believe, is a reflection of not only the transformation of the company over the last 12 months but also an endorsement of our strategy focusing on copper and gold and adding value through organic and acquired growth.
“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.”