Precious and base metals explorer Peel Mining has raised A$7-million in an oversubscribed placement to institutional, sophisticated and strategic investors to advance its fully-owned Wagga Tank-Southern Nights and 50%-owned Mallee Bul deposits towards development.
Both deposits are located in the Cobar basin of New South Wales.
The placement means that Peel is now fully funded to undertake mining scoping studies at Wagga-Tank Southern Nights and to continue pre-development activities at Mallee Bull.
“The company is about to embark on the most exciting phase in its history, as we deliver the maiden resource at the high-grade Wagga Tank-Southern Nights deposit and finalise plans to bring the Mallee Bull deposit into development.
“This successful raising places the company in a strong financial position to continue advancing these high-grade Cobar assets towards development,” MD Roby Tyson said on Thursday.