Peel Mining raises $3M in share placement

THE BOURSE WHISPERER: Peel Mining (ASX: PEX) announced the finalisation of terms for a share placement for the issue of new shares in the company to raise approximately $3 million.

The company said the placement of new shares is being completed at current market pricing of 16 cents per share to sophisticated investors.

Peel outlined the proceeds of the placement will primarily be used to continue to fund the company’s share of costs at the Mallee Bull copper-polymetallic deposit and also to fund investigations of the company’s 100 per cent-owned Cobar Superbasin assets  – including the new Wagga Tank project.

Peel said the funds would enable it to maintain a high level of field activities (including drilling) at multiple prospects over the medium term.

As a results of the placement Peel acknowledged Resource Capital Fund VI L.P. as a Peel shareholder.

RCF VI will participate in the placement for an amount of $2.4 million and subsequently hold approximately 9.9 per cent of Peel Mining.