AIC Mines announces to raise AU$30 million via a placement

AIC Mines Limited (ASX: A1M) announced that it has received AU$30 million in commitments from institutional and sophisticated investors for a two-tranche placement of 66.7 million new shares at an issue price of AU$0.45 per share. The funds will be used to finance the development of the Jericho mine and the expansion of the Eloise processing plant.

This placement will be done in two tranches with the first tranche being a placement of 56.3 million shares. Meanwhile the second tranche will be a conditional placement of 10.4 million shares subject to AIC Mines shareholder approval. The placement price of AU$0.45 per share represents an 8.2% discount to the last closing price and a 7.5% discount to the 15-day VWAP price.

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