Peel Mining (ASX:PEX) - Managing Director, Rob Tyson
Managing Director, Rob Tyson
Source: Resources Roadhouse [YouTube]
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  • Peel Mining (PEX) is seeking to raise around $13.6 million through a pro rata non-renounceable entitlement offer
  • The offer will be extended from March 19, giving eligible shareholders the opportunity to purchase one share for every eight shares already held, at a price of 26.5 cents each
  • Fractional entitlements over 0.5 will be rounded up to the nearest whole number
  • Peel will use the proceeds, along with funds raised as part of its recent placement, to fund mining activities at its copper-focused South Cobar Project in NSW
  • These include completion of resource drilling and estimation at the project’s Wirlong, Mallee Bull and Southern Nights deposits, scoping and prefeasibility studies, an environmental impact study, capital raising costs and ongoing working capital
  • Following completion of the placement and entitlement offer, if fully subscribed, the company will have issued more than 51 million shares, totalling more than 463 million shares on issue
  • Peel Mining shares are 2 per cent higher, trading at 25.5 cents each

Peel Mining (PEX) is aiming to raise around $13,635,701 (before costs) through a pro rata non-renounceable entitlement offer.

Peel will extend the offer to all registered shareholders from March 19, giving eligible shareholders the opportunity to purchase one share for every eight shares already held at 26.5 cents each.

Although its offer is not underwritten, Peel will allow existing shareholders to subscribe for shortfall allocation as part of oversubscription applications.

The miner will also have the ability to place any shortfall within three months of its prospectus lodgement on March 16.

Following the completion of the placement and entitlement offer, if fully subscribed, Peel will have issued approximately 51,455,476 shares, totalling around 463,099,291 shares on issue.

Peel Mining shares are 2 per cent higher on Tuesday, trading at 25 cents each at 3:52 pm AEDT.

PEX by the numbers
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