AIC Mines (ASX:A1M) has received firm commitments for $57.2 million via a placement of 110 million new shares at an issue price of $0.52 per share.
Argonaut Securities and Shaw and Partners acted as joint lead managers to the placement and HopgoodGanim acted as legal advisor.
The equity raised will be applied primarily to advancement of the Jericho link drive as described.
The placement represents 23.8% of AIC Mines’ existing issued capital and is an 11.9% discount to the last closing price of $0.59. It’s also a 9.3% discount to the five-day VWAP.
Directors of AIC Mines have applied for just over 1.592 million shares.
The new shares issued will rank pari passu with existing fully paid ordinary shares on issue.
Write to Adam Orlando at Mining.com.au
Images: AIC Mines
