Aeris Annual Report 2022

SIGNIFICANT EVENTS AFTER THE BALANCE DATE
ACQUISITION OF ROUND OAK
MINERALS PTY LIMITED
On 1 July 2022, Aeris Resources Limited acquired 100%
of the issued shares in Round Oak Minerals Pty Limited
(Round Oak) from Washington H. Soul Pattinson Limited,
for a total consideration of A$234 million. Round Oak
is the owner of a diverse portfolio of high-quality Australian
copper and zinc assets. The addition of these assets
to the existing Aeris portfolio will transform the Company
into a diversified, mid-tier producer with significant
high-grade ore reserve tonnes and further organic
growth opportunities
The transaction was approved by Aeris shareholders at
an Extraordinary General Meeting held on 24 June 2022.
The financial effects of this transaction have not
been recognised on 30 June 2022. The operating
results and assets and liabilities of the acquired
company will be consolidated from 1 July 2022.
The purchase consideration for the acquisition
includes the following components:
• cash payment on settlement of A$80 million; and
• the issue and allotment of fully paid ordinary shares
in Aeris at a deemed issue price of A$0.105 per
share to a total value of A$154 million, being
1,466,666,667 shares.
Acquisition-related costs of A$1,951,000 have
been recognised in the consolidated statement
of comprehensive income for the year ended 30 June 2022.
At the time the financial statements were authorised for
issue, the consolidated entity had not yet completed
the accounting for the acquisition of Round Oak.
Independent valuations of the fair value of the assets
and liabilities acquired are still being finalised. It is also
not yet possible to provide detailed information about
each class of acquired receivables and any
contingent liabilities of the acquired entity.
ISSUE OF SHARES UNDER
CONDITIONAL PLACEMENT
On 1 July 2022, the Company issued 162,781,913
fully paid ordinary shares in Aeris to an existing Institutional
shareholder, Paradice Investment Management
Pty Ltd (Paradice), at $0.105 per share to raise
$17.1 million. The issue of the shares was subject to:
• the Company obtaining shareholder approval
to issue the shares to Paradice; and
• completion of the acquisition of Round Oak
Minerals Pty Limited (Round Oak).
The acquisition of Round Oak was approved
by Aeris shareholders at an Extraordinary
General Meeting held on 24 June 2022 and
the acquisition was completed on 1 July 2022.
CONSOLIDATION OF SHARE CAPITAL
On 8 July 2022, the Company completed a share
consolidation. Aeris shares were consolidated at
the ratio of 7 fully paid ordinary shares into 1 fully
paid ordinary share. Performance rights were also
consolidated at the same ratio as the ordinary shares.
Other events
No other matter or circumstance has arisen in the interval
between the end of the financial year and the dates
of this report that has significantly affected or may
significantly affect the operations of the consolidated
entity; the results of those operations; or the state of affairs
of the consolidated entity in subsequent financial years.
ADVANCING AERIS
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