Gold and base metals explorer Aurelia Metals had two brokers rounding up investors for a $40 million equity raising on Wednesday morning.
Gold and base metals explorer Aurelia Metals had two brokers rounding up investors for a $40 million equity raising on Wednesday morning, soon after it locked in new debt facilities.The cash call was split into a $10 million placement and a $30 million pro-rata accelerated non-renounceable entitlement offer on a one-for-3.72 basis.
The offer was priced at 9¢ a share, which was a 21.7 per cent discount to the last traded price and 17 per cent lower than the theoretical ex-rights price.Aurelia Metals shares last traded at 12¢, to be down 66 per cent over the past year, valuing the group at $142 million on a market capitalisation basis.Funds raised will be used to restart the Federation underground mine in central-western NSW and deliver capital expenditure for commercial production.
Ord Minnett and Bank of America were mandated for the raise. Bids into the placement and institutional entitlement offer are due by 2 pm on Wednesday.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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