Mallee Bull night drilling. Source: Peel Mining
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  • Peel Mining (PEX) aims to raise $2 million through a share purchase plan (SPP) to help fund a number of its projects
  • Under the SPP, eligible shareholders will have the option to purchase up to $30,000 worth of shares at a price of 18 cents each
  • Funds raised from the SPP and completed placement will be used for resource expansion drilling at Wirlong and Mallee Bull as well as other exploration and tenement holdings
  • It will also be used for approval and development studies at the South Cobar project, working capital and the costs associated with the capital raise
  • Shares are trading 2.33 per cent higher today at 22 cents each

Peel Mining (PEX) has announced a share purchase plan (SPP) aiming to raise $2 million for a number of its projects.

It comes after the company announced it would raise $21 million through a placement.

Under the SPP, eligible shareholders will have the option to purchase up to $30,000 worth of shares at the same price as the placement without brokerage or transaction costs.

The new shares will be issued at a price of 18 cents each, representing a 10 per cent discount to the five-day volume-weighted average price.

Funds raised from the SPP and the placement will be used for resource expansion drilling at Wirlong and Mallee Bull as well as other exploration and tenement holding costs.

It will also be used for approval and development studies at the South Cobar project, working capital and the costs associated with the capital raise.

The company has raised $18.8 million in the first tranche of the equity raising, with the second tranche to be carried out once shareholder approval is obtained.

Shares were trading 2.33 per cent higher today at 22 cents each at market close.

PEX by the numbers
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