Junior miners to raise $12m

Peel Mining has announced completion of a $6 million share placement to fund work on its zinc-lead project while Triton Minerals has launched an entitlement offer for the same amount.

West Perth-based Peel raised its money at 40 cents per share, a 5 per cent discount to its five-day average share price.

The proceeds will be used to fund exploration work at its wholly owned Wagga Tank zinc-lead project in NSW, along with pre-development activities at its half-owned Mallee Bull polymetallic project, also in NSW.

Managing director Rob Tyson said early indications were that Wagga Tank had the potential to host a major mineralised system.

Meanwhile, Triton has signed up broking firm Somers & Partners as underwriter of its entitlement issue, priced at 7 cents per share.

Investors will get one free option, with an exercise price of 11 cents, for every share they buy.

Chinese group Shandong Tianye, which has a 23 per cent stake in Triton, intends to take up its rights, subject to satisfying Chinese capital controls and transferring the money to Australia before the closing date.

“There is no guarantee that Shandong Tianye will have the funds available in Australia in time to subscribe for its entitlement,” the company stated.

The funds will be used to progress development activity at its Ancuabe graphite project in Mozambique.