Past year: ▲ 75%(29.95 – 52.38 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2023capital raising announcement● NeutralMajor
Ero closed the bought deal financing announced November 6, now described as US$111 million rather than the US$105 million first announced. The text provided is only the cover page and exhibit index, so the share count and whether the over-allotment option was used are not stated. (Inference: the higher figure may reflect the over-allotment option being exercised, but the filing text does not say so.)
7 Nov 2023capital raising announcement● NeutralMajor
Ero agreed with a group of underwriters led by BMO Capital Markets to sell 8,510,000 new common shares at US$12.35 each, about US$105 million in total, with a 30-day option for up to 15% more. Proceeds are meant for growth work at the Tucumã Project (the former Boa Esperança) and Caraíba Operations, regional exploration, and general corporate and working capital purposes. Shareholders face dilution from the new shares; closing was expected around November 14, 2023, subject to TSX and NYSE approval.
What it means for a shareholder
8.5m new shares at US$12.35 to raise about US$105m. That's 8.5% dilution: every existing holder's slice gets 8.5% smaller. If you held US$1,000 of shares (81 at the issue price), your slice goes from 0.0000878% to 0.0000804% of the company. To keep it you'd need 7 more shares - about US$86 at the issue price.
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