PERTH (miningweekly.com) – Diversified metals explorer Peel Mining will raise A$6-million in a share placement to accelerate exploration work in New South Wales.
The company on Thursday announced that it had successfully placed 15-million fully paid ordinary shares, at 40c each, to sophisticated and institutional investors.
The placement price represented an 11.1% discount to Peel’s last trading price of 45c a share, and a 5% discount to the company’s five-day volume-weighted average price.
“We are extremely pleased with the level of interest in the placement from both existing shareholders and new investors, as it has ensured we have the funding to properly test Southern Nights and the broader Wagga Tank area,” said Peel MD Rob Tyson.
“Early indications are that the project has the potential to host a major mineralised system.”
Proceeds from the placement will fund exploration activities at Wagga Tank and pre-development activities at the 50%-held Mallee Bull polymetallic project, as well as function as working capital.