Aeris Resources Ltd (ASX:AIS, OTC:ARSRF) has raised a total of A$30 million from a fully-underwritten equity raising exercise aimed at bolstering its financial position and supporting general working capital needs.
This follows the completion of the retail portion of the offering on December 14, which raised about $7.7 million at an offer price of $0.11 per new share.
Eligible retail shareholders took up about 19.8 million new shares, representing a take-up rate of 28.3% of the entitlement.
The Australian copper-gold explorer and producer raised $22.4 million from an institutional placement and entitlement offering two weeks ago.
Seeking flexible capital
Aeris executive chairman Andre Labuschagne said last month that the company’s focus for the rest of the 2024 financial year was to deliver on guidance at its three operating mines, Stockman, Constellation and Jaguar.
“So that we can maintain the momentum on our multiple growth projects through to the end of FY24, we believe that it is prudent to improve our working capital flexibility during this period with additional equity.”
About 50 million new shares not taken up under the retail offer have been allocated to Washington H. Soul Pattinson Ltd (WHSP), the sub-underwriter of the retail entitlement offer in accordance with the terms of the underwriting agreement, resulting in WHSP holding a 31.4% interest in the company.