News: ERA Energy Resources Of Australia Announces A$369 Million Renounceable Entitlement Offer

April 4 (Reuters) - Energy Resources Of Australia Ltd (ERA) :

• ANNOUNCES A$369 MILLION RENOUNCEABLE ENTITLEMENT OFFER
• UNDERTAKING A 5 FOR 1 NON-UNDERWRITTEN PRO RATA RENOUNCEABLE ENTITLEMENT OFFER TO RAISE UP TO A$369 MILLION
• ENTITLEMENT OFFER AT OFFER PRICE PER SHARE OF A$0.02
• PROCEEDS FROM ENTITLEMENT OFFER EXPECTED TO FUND PLANNED RANGER PROJECT AREA REHABILITATION EXPENDITURE TO END Q2 2024
• RIO TINTO'S VOTING POWER COULD INCREASE TO UP TO 89.1% IN ERA FOLLOWING COMPLETION OF INTERIM ENTITLEMENT OFFER
• SECURED BINDING PRE-COMMITMENTS FROM RIO TINTO, PACKER & CO AND ZENTREE INVESTMENTS TO SUBSCRIBE FOR A$355 MILLION IN TOTAL
• PROCEEDS FROM ENTITLEMENT OFFER ALSO EXPECTED REPAY RIO TINTO CREDIT FACILITY & COSTS OF ENTITLEMENT OFFER
• TOTAL EXPENDITURE ON RANGER PROJECT AREA REHABILITATION ACTIVITIES FROM 1 JAN TO Q2 2024 ESTIMATED AT A$404 MILLION
• SEES FURTHER FUNDING REQUIREMENTS IN 2024 FOR BALANCE OF REQUIRED RANGER PROJECT AREA REHABILITATION EXPENDITURE