Aeris completes A$30m capital raise
PERTH (miningweekly.com) – ASX-listed Aeris Resources has successful completed a A$30-million capital raise to fund the purchase of the Cracow gold mine, in Queensland.
The company on Tuesday said that it had completed the institutional component of its capital raise. Some 244.3-million shares were issued in a share placement, raising A$7.3-million, while a further A$22.7-million was raised through an institutional entitlement offer.
“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,” said executive chairperson Andre Labuschagne.
The retail component of the entitlement offer will open on June 11, and is expected to raise a further A$10-million.
The retail entitlement offer will allow shareholders to subscribe for 2.02 new shares for every one share held, at an issue price of 3c each.
Aeris earlier this month struck a deal with gold miner Evolution Mining to buy the Cracow gold mine for A$125-million.
The consideration would consist of a A$60-million cash payment on the completion of the transaction, a further A$15-million cash payment at the end of June next year, and up to A$50-million in contingent consideration payable in the form of a 10% net value royalty, based on gross revenues less C1 direct costs in relation to any gold produced at Cracow in a five-year period between July 2022 and June 2027.
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