Mineral exploration company Aeon Metals (ASX:AML) is launching a share purchase plan, giving shareholders the opportunity to purchase up to $5,000 worth of shares in the company.
The shares are priced at 28 cents a share, representing a 12.4 per cent discount to Aeon’s weighted average market price last week, which is the same price the company completed a $30 million institutional placement in December 2017.
The proceeds of the plan up to $5 million will be used to further pay for debt owed to the OCP Asia Group, and any excess over $5 million will be used for working capital.
The company made a repayment of $15.5 million to OCP Asia Group in December 2017, bringing the debt balance to just over $14 million.
The share purchase plan will close on Friday 2 February 2018, with shares expected to be issued on Thursday 8 February.
Shares in Aeon Metals (ASX:AML) closed 3.12 per cent lower on Friday to $0.31.