Aeris Resources Ltd (ASX:AIS) has fulfilled the conditions precedent to the restructuring agreement outlined in late February 2018.
The debt and equity restructure will see Aeris significantly reduce its debt and simplify its capital structure.
Senior debt has now been reduced by 53% down to US$30 million from US$63.3 million.
READ: Aeris Resources reduces debt to ensure future of growth
Aeris has also issued a redemption notification to cancel 467 million of its 560 million convertible redeemable preference shares, reducing the number on issue to 93 million.
Once cancelled, shares on issue on a fully diluted basis will be reduced by 50% to 467 million.
READ: Aeris Resources is a copper producer with multiple growth opportunities
Aeris is an established copper producer and developer with multiple mines and a 1.8 million tonnes per annum copper processing plant at its Tritton Copper Operations in New South Wales.
The 100% owned operation is targeting production of 27,000 tonnes of copper in FY2018.
The company also has a number of brownfields and greenfields exploration projects that present significant growth opportunities for the company and its shareholders.
Importantly, this capital and debt restructure means Aeris is now in a position to explore these growth opportunities.