Aeris Resources Ltd (ASX:AIS, OTC:ARSRF) has concluded a fully underwritten placement and institutional entitlement offer, raising A$22.4 million at 11 cents per new share
In detail, the placement segment of this initiative brought in approximately A$13.9 million with around 126.2 million new shares to be issued.
Concurrently, the institutional entitlement offer contributed an additional A$8.5 million with approximately 77.1 million new shares.
The capital raising initiatives were well supported by eligible institutional shareholders, with about 99% uptake under the institutional entitlement offer.
Furthermore, Aeris has planned a retail entitlement offer, aiming to raise approximately $7.7 million, set to open on December 1, 2023.
Proceeds from the placement and entitlement offer will be used for general working capital and to pay the costs of the capital-raising.
Trading halt lifts today
Settlement for the new shares under the placement and institutional entitlement offer is scheduled for Friday, December 1, 2023.
Following this, trading of these shares on a normal settlement basis is expected to commence on the ASX on the next business day.
Aeris also anticipates lifting its trading halt and resuming the trading of its shares from today.
Retail entitlement offer
This offer, set to open on December 1, 2023, and close on December 14, 2023, will allow eligible retail shareholders to participate under the same terms as the institutional offers.
Further details will be provided in a retail offer booklet, which will be announced and made available to eligible shareholders on the opening day of the offer.
Eligible retail shareholders, particularly those with registered addresses in Australia or New Zealand, and holding Aeris shares by the record date, are invited to apply for new shares at the same offer price.
They may also opt for additional shares beyond their entitlement, subject to the allocation policy detailed in the retail offer booklet.
Aeris Resources underscores the importance of seeking professional advice before making investment decisions and encourages shareholders with queries regarding the Retail Entitlement Offer to contact Automic Pty Ltd, the Share Registry of Aeris, for further assistance during the offer period.