Aeris Resources Limited (ASX:AIS) entered into a share purchase plan to acquire Round Oak Minerals Pty Limited from Washington H. Soul Pattinson and Company Limited (ASX:SOL) for approximately AUD 260 million on April 28, 2022. Under the terms, Aeris has agreed to pay Washington H. Soul AUD 234 million upon closing of the Transaction, comprised of an AUD 80 million cash payment (Cash Component) and the issue of 1,466.7 million ordinary shares in Aeris at an issue price of AUD 0.105 per share up to a total value of AUD 154 million. Aeris intends to fund the cash Component through a fully underwritten AUD 117 million equity raising conducted via an institutional placement and a 1 for 4.22 pro-rata, accelerated non-renounceable entitlement offer. As of May 2, 2022, the Aeris institutional entitlement offer at AUD 0.105 per new share, part of which will be used to finance this transaction was completed. Post completion of the acquisition and the equity raise, it is estimated that WHSP will hold approximately 30.3% of the register. WHSP will also nominate Robert Millner, the current chairman of WHSP, to join the board of directors of Aeris. Completion under the SPA is conditional upon; completion of the Equity Raising, the Aeris;s shareholders approving the issue of the Consideration Shares to WHSP; and the parties obtaining all necessary consents to the change in control of Round Oak as required under certain contracts. Completion of the Transaction is currently expected to occur on 1 July 2022.

Bell Potter Securities Limited acted as financial advisor, HopgoodGanim acted as legal advisor to Aeris Resources Limited. Treadstone Resource Partners Pty Ltd, Pitt Capital Partners Limited acted as financial advisor and Melissa Swain-Tonkin and Phil Hart of Herbert Smith Freehills acted as legal advisor to Washington H. Soul Pattinson and Company Limited. On June 24, 2022 Aeris Resources Limited (ASX:AIS) shareholders overwhelmingly approved all resolutions related to the Transaction.