AIC taps investors for $57.2m

Shares in Subiaco-based AIC Mines closed 9 per cent down to 53.5 cents per share on Friday, following news that the company plans to raise $57.2 million in order to advance its Queensland-based Jericho copper mine.

Under the placement, Josef El Raghy-chaired AIC said it would issue 110 million new fully paid ordinary shares at an issue price of 52 cents per share.

This issue price represents an 11.9 per cent discount to AIC's last closing price of 59 cents prior to ducking into its trading halt.

Argonaut Securities, along with Shaw and Partners, were appointed joint lead managers to the placement, while HopgoodGanim acted as legal advisor on behalf of AIC.

Proceeds from the placement will primarily be allocated towards AIC advancing an underground link from its nearby Eloise copper mine decline to Jericho. 

Earlier this week, AIC managing director Aaron Colleran told the market there would be several long-term benefits, including the ability for rapid drilling and greater access during the wet season. 

The present price of copper is $US10,290, or $15,572, per tonne.