Aeris Resources Ltd (ASX:AIS) has a new substantial shareholder with HSBC Holdings plc (LON:HSBA) holding a 6.36% interest.
Initial substantial shareholder status was reached on October 2 with HSBC Custody Nominees (Australia) Limited acquiring almost 13.777 million shares with a total value exceeding $2.755 million.
HSBC Holdings and related entities now hold more than 28.865 million shares in the copper-focused producer and explorer.
READ: Aeris Resources receives $28.4 million cash from capital raising
Aeris recently settled $28.4 million in funding as a result of a placement and institutional entitlement offer.
The retail component of the entitlement offer is seeking to raise an additional $6.7 million through a 1 for 2.1 non-renounceable entitlement priced at 20 cents.
The retail component closes at 5.00pm AEST on Tuesday, October 9, 2018.
Funding will be used to accelerate the exploration programs at the 100%-owned Tritton Copper Operations in New South Wales and the 70%-owned Torrens Joint Venture in South Australia.
READ: Aeris Resources reduces debt by US$20 million
Yesterday, the company made a US$20 million payment against its Tranche B debt facility with Special Portfolio Opportunity V Limited.
The payment reduces the balance of the Tranche B facility to US$10 million and positively avoids a 3% interest rate step‐up.
Aeris’ total debt is now reduced to US$29 million, comprised of the US$19 million Tranche A facility and US$10 million Tranche B facility.
Producing at Tritton
The company is producing copper at its Tritton project in New South Wales and in the June quarter produced 7,592 tonnes, an 11% increase on the previous quarter.
It also has a 70% interest in the Torrens Copper Project in South Australia alongside Argonaut Resources NL (ASX:ARE).
Exploring at Torrens JV
Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of the world-class Olympic Dam deposit.
The joint venture, with Aeris as manager, has committed to a stage I drill program, consisting of up to 10 holes focusing on priority targets, with drilling scheduled to start before the end of 2018.