06/06/2019 - 12:22

Peel raises $7m

06/06/2019 - 12:22

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Base metals junior Peel Mining has raised $7 million through an oversubscribed share placement, with the funds to go towards its projects in the Cobar Basin in NSW.

Peel owns the Mallee Bull project.

Base metals junior Peel Mining has raised $7 million through an oversubscribed share placement, with the funds to go towards its projects in the Cobar Basin in NSW.

The shares were issued at 31 cents each, an 11.4 per cent decrease on its previous closing price of 35 cents per share.

Patersons Securities acted as lead manager to the placement.

The West Perth-based explorer said funds would be used to undertake mining scoping studies at the Wagga Tank-Southern Nights zinc-lead-silver-gold-copper deposit.

The funds will also be used to continue pre-development activities at its Mallee Bull zinc-lead-silver-gold deposit.

Peel managing director Rob Tyson said the company was about to embark on the most exciting phase in its history.

“This successful raising places the company in a strong financial position to continue advancing these high-grade Cobar assets towards development,” he said.

Shares in Peel were down 11.4 per cent to trade at 31 cents each at 12.50pm AEST.

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