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Aeris Resources receives $28.4 million cash from capital raising

Funds were raised through the issue of shares priced at 20 cents each.

cash notes
Funds will be used for debt repayment and the acceleration of exploration activities

Aeris Resources Ltd (ASX:AIS) has settled $28.4 million in funding as a result of the recently completed placement and institutional entitlement offer.

The retail component of the entitlement offer will seek to raise an additional $6.7 million through a 1 for 2.1 non-renounceable entitlement priced at 20 cents.

The retail component opened last Friday, 28 September 2018 and will close at 5.00pm AEST on Tuesday, 9 October 2018.

READ: Aeris Resources raising $35.1 million to accelerate exploration at Tritton and Torrens

Funding will be used to accelerate the exploration programs at the 100% owned Tritton Copper Operations in New South Wales and the 70% owned Torrens Joint Venture in South Australia.

Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of the world-class Olympic Dam deposit – drilling aims to commence June half 2019.

Brownfields exploration at Tritton Copper Operations

Aeris achieved copper production for the June quarter of 7,592 tonnes, an 11% increase on the previous quarter and the best quarter for FY2018 at its Tritton Copper Operations.

Funding will be used to accelerate the drilling program at the Kurrajong prospect following exceptional results in FY18 and for brownfield exploration at the Tritton Mine.

Aerial and ground electromagnetic programs are also planned over the northern half of the Tritton tenement package.

Quick facts: Aeris Resources Ltd

Price: 0.041 AUD

ASX:AIS
Market: ASX
Market Cap: $76.8 m
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