AIC Mines Limited ('AIC' or 'the Company') (ASX: A1M) is pleased to advise that the Company's General Offer and Priority Allocation of 160 million shares at an issue price of $0.25 per share to raise up to $40 million (before costs) has successfully closed at the maximum subscription amount.
A number of new highly regarded institutional investors have joined the Company's share register with a view to supporting the Company over the longer term as it embarks on its strategy to build a new mid-tier copper and gold mining company in Australia.
The funding will be used to pay the cash component of the acquisition of the Eloise Copper Mine in Queensland as well as provide sufficient capital for working capital movements, accelerated exploration expenditure and environmental performance bonds.
Total subscriptions under both the General Offer and Priority Allocation exceeded the maximum subscription amounts and as such the Company's Directors, in consultation with the Joint Lead Managers, will need to scale-back allocations. Several factors will be taken into account when determining allocations, including an applicant's pre-existing shareholding in the Company and the overall composition of the share register.
Contact:
Tel: (08) 6269 0110
Fax: (08) 6230 5176
Email: info@aicmines.com.au
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