07/09/2018 - 15:25

Peel to raise $12m

07/09/2018 - 15:25

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Junior explorer Peel Mining has raised $12.3 million, with gold miner St Barbara subscribing for $1.8 million as part of the placement.

Peel to raise $12m
Peel owns the Mallee Bull project.

Junior explorer Peel Mining has raised $12.3 million, with gold miner St Barbara subscribing for $1.8 million as part of the placement.

The company said it had completed a placement to raise $3.6 million, combined with a fully underwritten rights issue to raise an additional $8.7 million.

Under the placement the company has issued 10 million shares at 36 cents each, while the rights issue will take place on a one-for-eight basis with eligible shareholders at the same price.

Patersons Securities has been appointed lead manager and underwriter to the placement and rights issue.

St Barbara’s investment will take its stake in Peel to 17.9 per cent.

“Capital raised will fully fund Peel to deliver a maiden JORC resource at Wagga Tank, advance Mallee Bull towards production, and complete the acquisition of the 2 per cent net smelter return royalty over Wagga Tank,” Peel said in a statement to the ASX.  

Shares in Peel finished unchanged at 41 cents each today.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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