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- Peak Minerals (PUA) has entered a trading halt ahead of a capital raise
- The company recently completed the acquisition of private mining company, CU2 WA, which will give it access to 31 tenements in WA’s Meekatharra region
- Whether or not the upcoming capital raise will support exploration at any of the company’s projects isn’t yet clear
- Peak expects to come out of the trading halt by October 21 and its shares last traded at 1.6 cents on October 18
Peak Minerals (PUA) has entered a trading halt pending an announcement to the market regarding a capital raise.
The materials stock hasn’t disclosed how much it will raise nor how it will spend the money.
Earlier this month, Peak Minerals completed the acquisition of private mining company, CU2 WA. The companies entered a binding agreement in May this year for Peak to acquire CU2 and gain full control of 31 tenements in the Meekatharra region of WA.
The acquisition deal also included the option to acquire an 80 per cent interest in a tenement owned by KOP Ventures by spending at least $3 million on exploration over the first two stages.
Secondly, PUA may acquire an 80 per cent interest in Taruga Minerals’ (TAR) E51/1832 tenement by spending at least $100,000 within two years.
Peak said the acquisition gave it a major ground position over a new, under-explored copper province.
Now that is has been completed, Peak’s total landholding in the region has increased to 234 square kilometres.
Whether or not the upcoming capital raise will support exploration at any of the company’s projects isn’t yet clear.
Peak expects to come out of the trading halt by October 21.
Company shares last traded at 1.6 cents on October 18.
