Shaw and Partners is pleased to have been appointed as Joint Lead Manager to the capital raising by AIC Mines Limited (ASX.A1M).
AIC Mines successfully raised $30.0m from institutional and sophisticated investors by way of a two-tranche institutional placement at an Offer Price of $0.45 per share. The Offer price represented an 8.2% discount to the last close on Friday 3 February 2023 and a 7.5% discount to the 15-day VWAP up to and including 3 February 2023.
Funds raised from the Placement will be used to fund initial work related to the Jericho mine development and Eloise processing plant expansion, including Jericho mining studies, resource definition and extension drilling , expansion studies at Eloise , and early works for a new crusher and surface infrastructure upgrades.
AIC Mines is a growth focused Australian resources company and owns the Eloise Copper Mine, a high-grade operating underground mine located in North Queensland. Eloise is one of the highest-grade producing copper mines currently operating in Australia with a Reserve grade of 2.4% Cu and 0.6g/t Au. The combination of Eloise and the recently acquired Jericho Deposit will be transformational for Eloise and provides an opportunity for AIC Mines to increase production and mine life through regional consolidation and expansion.
Congratulations to Aaron Colleran, Michael Frame and the whole AIC Mines team on a fantastic outcome and we look forward to further updates on the expansion of Eloise and development of the Jericho Deposit.
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