Aeris Annual Report 2022

Aeris Resources Limited
Notes to the consolidated financial statements
30 June 2022
18. Other liabilities (continued)
Contingent consideration
The purchase consideration for the Cracow acquisition includes a contingent consideration arrangement that requires
the consolidated entity to pay the former owners of Lion Mining Pty Ltd a mining royalty equivalent to 10% of the net
value generated (revenue less C1 Direct Cash Cost, multiplied by 10%) from any gold produced by the Cracow operations
for the period 1 July 2022 to 30 June 2027, up to a maximum undiscounted amount of $50 million (Net Value Royalty).
The fair value of the Net Value Royalty recognised at the date of initial recognition was $19.623 million and was estimated
by calculating the present value of future probability-weighted cash flows using a discount rate of 7.4%. At 30 June 2022,
a discount rate of 7.0% was used to determine the fair value of $22.0 million.
19. Issued capital
2022 2021 2022 2021
Shares Shares $'000 $'000
Ordinary shares - fully paid 3,207,168,420 2,207,352,758 604,910 509,888
Movements in ordinary share capital
Details Date Shares Issue price $'000
Balance 1 July 2020 1,539,996,964 452,313
Entitlement offer - Retail (a) 1 July 2020 333,258,016 $0.030 9,998
Management options exercised (b) 10 August 2020 8,911,371 $0.000 -
Management options exercised (b) 12 August 2020 14,852,285 $0.000 -
Management options exercised (b) 4 March 2021 22,418,546 $0.000 -
Institutional placement (c) 18 June 2021 287,915,576 $0.175 50,385
Less: Transaction costs arising on share issues (2,808)
Balance 30 June 2021 2,207,352,758 509,888
Management options exercised (b) 1 July 2021 22,511,959 $0.000 -
Management options exercised (b) 9 November 2021 13,507,175 $0.000 -
Management options exercised (b) 2 December 2021 11,209,273 $0.000 -
Placement (d) 9 May 2022 418,326,315 $0.105 43,924
Entitlement offer - Institutional (d) 9 May 2022 286,844,010 $0.105 30,119
Entitlement offer - Retail (d) 24 May 2022 247,416,930 $0.105 25,979
Less: Transaction costs arising on share issues (5,000)
Balance 30 June 2022 3,207,168,420 604,910
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in
proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and
the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
AERIS ANNUAL REPORT 2022
Movements in share capital
(a) Accelerated Renounceable Entitlement Offer and Placement
On 4 June 2020, the Company announced the launch of a fully underwritten $40.016 million Placement and 1:2.02
Renounceable Entitlement Offer (Entitlement Offer), with the proceeds raised used to fund:
● A portion of the purchase price for the acquisition of 100% of the issued equity of Lion Mining Pty Ltd, owner and
operator of the Cracow gold mine; and
● The transaction costs associated with the Entitlement Offer and Placement and the acquisition.
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