Mining company Aeon Metals Ltd announced plans to raise $1 150 000 through a placement of 5 227 273

On 13 March 2013, 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.(Based on information from Aeon Metals, www.aeonmetals.com.au.)RequiredA. Distinguish between a public share float and a private placement.B. Assuming that the placement above proceeded, what journal entries would be required to account for it?

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