Key details of ERA's entitlement offer

Energy Resources of Australia (ASX:ERA) has completed its 19.87 for 1 non-underwritten pro-rata renounceable entitlement offer. The offer, closing on November 13, 2024, resulted in the application for over 383 billion new shares, raising approximately AUD $766.1 million before costs. This marks an 87% uptake by eligible shareholders, showcasing solid support for the company's initiatives.

Overview and future outlook for ERA

Energy Resources of Australia has successfully raised funds through a significant entitlement offer, demonstrating strong shareholder backing. The company aims to apply these funds towards the rehabilitation of its former mining sites following the Ranger Mine closure in 2021. While a shortfall of approximately 57 billion shares remains, these will be addressed in a shortfall bookbuild managed by Euroz Hartleys Limited, ensuring further capital infusion. The newly issued shares are set to trade on the ASX from November 22, 2024, marking a new phase in ERA's strategic focus on sustainable and responsible post-mining practices. The company's dedication to rehabilitation underscores its commitment to environmental stewardship and its responsibilities to the traditional custodians of the land, the Mirarr people.

Insights from ERA's recent announcement

The successful completion of our entitlement offer reflects the confidence our shareholders have in ERA's future. We are committed to using these funds to support the rehabilitation of our former mine assets, ensuring we meet our obligations to the Mirarr people and the broader community.