CASE STUDY PRIVATE PLACEMENT Mining company Aeon Metals Ltd announced plans to raise $1 150 000 through a placement of 5 227 273 ordinary fully paid shares at $0.22 per share to institutional investors to fund new surveys and drilling campaigns for its copper project. Prior to this announcement the shares of Aeon Metals Ltd were trading at around $0.26. Required 1. Distinguish between a public share float and a private placement. 2. Assuming that the placement above proceeded, what journal entries would be required to account for it? CASE STUDY