Successful Placement of Over 20 Million Shares
Perth, May 13, 2013 AEST (ABN Newswire) - Peak Resources Limited (
ASX:PEK) is pleased to announce that it has today completed a placement, to sophisticated or professional investors, for the issue of approximately 20.8 million fully paid ordinary shares to raise $2.5m (before costs) ("Placement"). Shaw Corporate Finance and Blue Ocean Equities acted as joint lead managers to the Placement.
Funds raised from the Placement will primarily be used for additional working capital to continue to advance the Ngualla Rare Earth Project Pre-Feasibility Study. The Company's negotiations with a potential cornerstone investor, as announced on 23 April 2013, are currently on track with further details expected to be released in May 2013.
The non-binding Memorandum of Understanding with the cornerstone investor contemplates the Ngualla Rare Earth Project being fully funded through to production and is expected to comprise of three funding tranches, which will be received in line with the development stages as defined in Peak's 3 December 2012 Scoping Study.
Stage 1 The Pre-Feasibility Study, which is in progress.
Stage 2 The Definitive Feasibility Study.
Stage 3 Construction of the Project.
Peak's Executive Chairman, Alastair Hunter welcomed the continued market support.
"This raising will allow us to maintain momentum on the Ngualla Project, in particular completing Pilot Plant work at ANSTO, producing refined products for customer verification and enabling us to continue to meet Pre-Feasibility Study milestones whilst we look to complete the funding agreement with the cornerstone investor".
Contact
Peak Resources Limited
T: +61-8-9200-5360
F: +61-8-9226-3831
WWW: www.peakresources.com.au
| ||
|
