The payment reduces the balance of the Tranche B facility to US$10 million and positively avoids a 3% interest rate step‐up.
Aeris’ total debt is now reduced to US$29 million, comprised of the US$19 million Tranche A facility and US$10 million Tranche B facility.
Aeris’ executive chairman Andre Labuschagne said: “Today’s US$20 million debt repayment means that we have now reduced the company’s debt by more than US$100 million since the current management team started with Aeris at the beginning of 2013.
“Debt reduction has been a strategic objective for the company in that period and now we can focus on our core objective of growing Aeris into a mid‐tier, multi‐mine company.”
Copper miner with exploration upside
“Not only do we have a producing copper operation at Tritton, targeting 24,500 tonnes of copper for FY2019 but we also have an exciting portfolio of exploration projects, including Kurrajong and Torrens.
"Apart from our organic growth pipeline, we continue to assess M&A opportunities, with a strong preference for copper plays that are in or near production.
Financier SPOV is also a major shareholder
“It is also important to note that our financier, SPOV, is also our major shareholder and has supported the recent placement and non‐renounceable entitlement offer through taking up A$7 million of their entitlements whilst also sub‐underwriting the retail component.
Exploration activities planned in FY2019
“FY2019 is shaping up to be an exciting year for Aeris. Preparations have started for the commencement of drilling at the exciting Torrens Project (Aeris 70%) in South Australia.
“We will also accelerate exploration activities at the Tritton Copper Operations, including the next phase of drilling at the Kurrajong Prospect and an aerial EM program on the northern half of our 1,800 square kilometre tenement package.”