- NewPeak Metals (NPM) has received binding commitments to raise $1.6 million in a placement to institutional and sophisticated investors
- The placement’s lead manager, 180 Markets, will receive a six per cent fee for raising $1.4 million of the proceeds
- Through the placement, NewPeak will issue 800 million fully paid ordinary shares to investors at 0.2 cents each
- Proceeds will fund the company’s gold and other mineral exploration projects in Argentina, New Zealand, Finland and Sweden
- NewPeak Metals is in the grey and trading at 0.2 cents per share
NewPeak Metals (NPM) has received binding commitments to raise $1.6 million in a placement of institutional and sophisticated investors.
Through its successfully subscribed placement, the company will issue 800 million fully paid, ordinary shares to investors at 0.2 cents each. The shares issued through the placement will rank equally with NewPeak’s existing ordinary shares on issue.
The placement’s lead manager was 180 Markets, one of the newest deal-sharing platforms in Australia. 180 Markets raised $1.4 million in proceeds for the placement, equalling approximately 87.5 per cent of the capital raise’s total proceeds.
For its considerable contribution to the capital raise, NewPeak Metals has agreed to pay 180 Markets a six per cent fee.
The remaining proceeds from the placement will go towards funding the company’s gold and other mineral exploration projects.
NewPeak Metals currently has drilling programs in Cachi, Argentina and Cap Burn Otago, New Zealand. Just last week, the company announced positive gold assay results from its maiden drilling program at the Cachi Gold Project in Argentina.
Only days before that, NewPeak also finalised the purchase of four gold exploration permits in southern Finland, from fellow ASX-lister, SunStone Metals (STM). The company has plans to begin drilling at its projects in southern Finland and Sweden sometime this year.
NewPeak Metals is now in the process of finalising the collection of funds from its successful capital raise. The shares are expected to be issued on March 2, 2021.
NewPeak Metals is in the grey, trading at 0.2 cents per share at 12:23 pm AEDT.