Aeris Resources Ltd (ASX:AIS) has completed the retail component of its fully underwritten one-for-4.22 pro-rata accelerated non-renounceable entitlement offer of new shares, announced on April 28.
This follows the successful completion of the institutional component of the entitlement offer announced on May 2.
Diversified mining portfolio
Under the retail entitlement offer the company expects to raise roughly $25.6 million through the issue of 247.4 million new shares at $0.105 per share. The offer was supported by existing eligible retail shareholders, who have made applications to take up approximately 5.4% of total entitlements.
The company plans to consolidate its financial position and target continued diversification of its gold, copper and base metal mining portfolio and regional exploration prospects around the country.
Shortfall facility
In addition, applications totalling approximately $165,000 were received from eligible retail shareholders in respect of new shares under the retail entitlement shortfall facility.
Underwriters and, where applicable, sub-underwriters, will be allocated the approximately 234,113,430 million new shares that were not applied for by eligible retail shareholders or allocated under the retail entitlement shortfall facility.
Each new share issued under the retail entitlement offer will rank equally with existing Aeris shares on issue.
The new shares are expected to be allotted on May 23 and trading on a normal settlement basis is expected to commence on the ASX the next business day.
Holding statements are expected to be despatched on May 24.
About Aeris Resources
Aeris is a mid-tier mining company focused on growth and delivering shareholder value through efficient operations, greenfields and brownfields exploration and value-adding acquisitions.
The company's two flagship projects are its Tritton Copper Operations in New South Wales and the Cracow Gold Operations in Queensland.