- Peel Mining (PEX) receives strong support for its share purchase plan (SPP) with subscriptions totalling more than five times the original amount
- On March 3, the company announced it would be aiming to raise $2 million via a SPP to continue the growth of the South Cobar Project
- The SPP was strongly supported with Peel receiving subscriptions totalling more than $10.29 million, resulting in the company accepting subscriptions of just over $8 million
- As a result, Peel has provided all participants with a minimum subscription amount of $2000 and has scaled back applications
- Peel is down 11.1 per cent on the market with shares trading at 20 cents
Peel Mining (PEX) has received strong support for its share purchase plan (SPP) with subscriptions totalling more than five times the original amount.
On March 3, the company announced it would be aiming to raise $2 million via a share purchase plan for a number of its projects.
Under the plan, eligible shareholders were able to subscribe for up to $30,000 worth of shares without incurring any brokerage or transaction costs.
The shares were priced at 18 cents which represented a 10 per cent discount to the five-day volume-weighted average price.
The SPP was strongly supported with Peel receiving subscriptions totalling $10,295,164, resulting in the company accepting subscriptions of $8,006,702.
As a result, Peel has provided all participants with a minimum subscription amount of $2000 and has scaled back applications.
The new shares will be issued on March 21 with refunds to be issued as soon as practical.
Peel previously stated it will use the money from the SPP and $21 million placement to continue the growth of the high-grade copper resources at the South Cobar Project and to pay for permitting.
“The strong show of support from shareholders is much appreciated and reflects the strong outlook for the Company and its South Cobar Copper Project,” CEO and Managing Director Jim Simpson said.
“We are currently drilling at Mallee Bull and extensional drilling will recommence at Wirlong in early April and will continue throughout the year as we target increasing the existing resources as part of the company’s evolution from an explorer into a project developer.”
Peel was down 11.1 per cent on the market with shares trading at 20 cents at 1:49 pm AEDT.