AIC Mines: Eyes $30m to expand Eloise copper mine, QLD

AIC Mines Eyes $30m to expand Eloise copper mine, QLD

• AIC Mines (A1M) taps investors for $30 million to support a staged expansion of its Eloise copper mine in North Queensland
• The company is looking to expand its existing processing plant at Eloise to process ore from the nearby Jericho copper-gold deposit
• Through a two-tranche placement, A1M hopes to raise enough capital to fund the initial work related to the Jericho mine development, including mining studies and drilling
• The placement comprises 66.7 million new shares at 45 cents per share — an 8.2 per cent discount to A1M’s last closing price of 49 cents
• Company shares resumed trade today and were down 5.1 per cent to trade at 46.5 cents at 1:46 pm AEDT