- Peako (PKO) closes an oversubscribed share purchase plan (SPP)
- Shareholders submitted applications totalling more than $2 million
- The plan offered eligible investors in Australia and New Zealand the chance to apply for $30,000 in new shares priced at 3.5 cents each
- It also offered attached unlisted options on the basis of one option for every two shares subscribed for, exercisable at 5.5 cents each by June 30, 2022
- Executive director Rae Clark says its shareholders' support mirrors the company's excitement around the East Kimberley exploration program
- Peako shares are down 7.1 per cent to 3.9 cents each at 2:47 pm AEST
The share purchase plan (SPP) announced by Peako (PKO) last month has since closed on July 13.
The oversubscribed SPP was strongly supported by shareholders who submitted applications to the copper explorer totalling more than $2 million.
The plan offered eligible shareholders in Australia and New Zealand the opportunity to apply for $30,000 in new shares priced at 3.5 cents each.
Also under the plan, attached unlisted options were to be granted on the basis of one option for every two shares subscribed for, exercisable at 5.5 cents on or before June 30 next year.
In light of the oversubscription, PKO's board of directors reportedly elected to increase the company's original target and accept all valid applications to allow eligible shareholders who applied to fully participate in the offer.
The company's executive director Rae Clark said he was delighted by the strong support received from investors.
"The over subscription signals that our shareholders share our excitement for our ongoing East Kimberley exploration program," Mr Clark said.
PKO will proceed to issue the new shares in line with the SPP timetable and no later than July 20.
Unlisted options will be granted following a shareholder meeting on July 26.
On July 16, Peako shares dipped by 7.1 per cent to 3.9 cents each at 2:47 pm AEST.