Aeris Resources Ltd (ASX:AIS) has gained a new substantial holder in SG Hiscock & Company after the investor took part in the company's recent institutional placement.
The Melbourne-based equities and property securities company acquired 100 million shares at 3 cents a share on June 12 and now holds a 6.49% stake in the company.
$30 million equity raising
On June 9, the company completed its institutional placement and rights issue to raise a total of about $30 million at 3 cents per share.
The well-supported placement of shares raised about $7.3 million, with several institutions adding to the depth and quality of Aeris’ share register.
A complementary renounceable institutional entitlement offer raised about $22.7 million and had strong support from existing institutional and sophisticated shareholders.
The entitlement offer shortfall was placed with new institutional and sophisticated investors.
Aeris expected to allot and issue the shares in respect of the placement and entitlement offer, including the institutional shortfall bookbuild, on June 15, with those shares anticipated to begin trading on the ASX on June 16.