Aeris Annual Report 2022

Aeris Resources Limited
Notes to the consolidated financial statements
30 June 2022
19. Issued capital (continued)
The $40.016 million Placement and Entitlement Offer, at a price of $0.03 per share, consisted of:
● A Placement and Accelerated Institutional Entitlement Offer which was completed on 15 June 2020 and raised
$30.018 million and resulted in the issue of 1,000,620,350 new shares; and
● A Retail Entitlement Offer which closed on 1 July 2020 and raised $9.998 million with 333,258,016 new shares being
issued. $7.216 million of the proceeds from the Retail Entitlement Offer were received prior to the 1 July 2020 issue
of the related shares. These proceeds are recognised in the consolidated statement of financial position and
consolidated statement of changes in equity as Prepaid Capital at 30 June 2020. The remainder of the proceeds were
received on 1 July 2020.
(b) Management options
During the year ended 30 June 2021, 46,182,202 management options were exercised at $nil each. As at 30 June 2021,
47,228,407 management options remain outstanding, with an expiry date of 31 December 2021.
During the year ended 30 June 2022, 47,228,407 management options were exercised at $nil each. As at 30 June 2022,
there were no management options remaining outstanding.
(c) Institutional placement
On 18 June 2021, Aeris issued 287,915,576 new ordinary fully paid shares to institutional and sophisticated investors at
$0.175 per share.
(d) Placement, Institutional Entitlement Offer, and Retail Entitlement Offer
The $100 million Placement, Institutional Entitlement Offer and Retail Entitlement Offer, at a price of $0.105 per share,
consisted of:
● A Placement and Institutional Entitlement Offer which was completed on 2 May 2022 and raised $74.0 million and
resulted in the issue of 418,326,315 new shares under the Placement and 286,844,010 new shares under the
Institutional Entitlement Offer; and
● A Retail Entitlement Offer which closed on 17 May 2022 and raised $26.0 million with 247,416,930 new shares being
issued.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so
that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital
structure to reduce the cost of capital.
Capital is regarded as total equity, as recognised in the consolidated statement of financial position, plus net debt. Net
debt is calculated as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as
value adding relative to the Company's current share price at the time of the investment.
The consolidated entity is subject to certain financing arrangements covenants and meeting these is given priority in all
capital risk management decisions. There have been no events of default on the financing arrangements during the
financial year.
The capital risk management policy remains unchanged from the 2021 Annual Report.
27
ADVANCING AERIS
103