"What about 0.18cents"

18% of 1 cent? ......................... I know Mining and Exploration Execs like to give them away but I had to rub my spectacles to see if I read that correctly.

Don't worry, I'm just pissing around .................... I know you meant 18c

So yes, they could issue close to $70million but I'm guessing that it will be a fair bit of distance from 18c



This is what they did last time:


Aeris Resources launches $30 million equity raising supported by major shareholder

Last updated: 11:00 27Nov 2023 AEDT, First published: 10:3527 Nov 2023 AEDT

**promotion blocked**.au/companies/news/1034259/aeris-resources-launches-30-million-equity-raising-supported-by-major-shareholder-1034259.html

Aeris Resources Ltd (ASX:AIS, OTC:ARSRF),an established Australian copper-gold producer and explorer, haslaunched a fully underwritten equity raising of approximately A$30million, aimed at bolstering its financial position and supporting generalworking capital needs.

The company’s capitalraising exercise comprises a A$13.9 million institutional placement and a1 for 4.73 pro-rata accelerated non-renounceable entitlement offer.

This will result inthe issue of approximately 273.03 million newordinary shares at 11 cents per share, representing approximately 39.31% of thecurrent issued capital of Aeris.

In a notable show ofsupport, Washington H. Soul Pattinson, Aeris' largest shareholder with a 30.17%stake, has pledged up to A$12.3 million in backing.

This commitment couldpotentially elevate WHSP's shareholding in Aeris to a maximum of 33.21%.

Progress key growthopportunities

Aeris executivechairman Andre Labuschagne said: “Our focus for the rest of FY24 is to deliveron guidance at each of our three operating mines following the successfultransition of Jaguar onto care and maintenance, and to progress our key growthopportunities in the portfolio: Stockman, Constellation and Jaguar.

“The Mt Colinoperation is performing ahead of plan year-to-date at an ore production levelbut tolling arrangements for treating the ore have recently resulted in abuild-up of ore stocks, with over 110,000 tonnes stockpiled at the end ofOctober, deferring receipt of revenue and stretching the working capitalposition of the business.

“Whilst Mt Colin isforecast to continue producing strongly through to the end of FY24, the timingbetween future toll processing slots could result in ore stock buildupsagain.

“So that we canmaintain the momentum on our multiple growth projects through to the end ofFY24 we believe that it is prudent to improve our working capital flexibilityduring this period with additional equity.”

Equity raising

The equity raising willbe conducted through the placement and entitlement offer, resulting in theissue of approximately 273.03 million new ordinary shares.

The offer price ofA$0.11 per new share represents a:

• 21% discount to Theoretical Ex Rights Price (‘TERP’) of A$0.14 based on the last closing price on November 24, 2023; and
• 27% discount to the last closing price of $0.15 on November 24, 2023.

Under the entitlementoffer, eligible shareholders are invited to subscribe for 1 new share for every4.73 existing shares held at 7:00 pm (Sydney, Australia timezone) on November 29, 2023.

This equity-raisinginitiative is fully underwritten by Jefferies (Australia) Pty Ltd and Bell PotterSecurities Limited.