Peak Resources Limited - Successful Placement of Over 20 Million Shares
13.05.2013 | ABN Newswire
09:07 AEST May 13, 2013 ABN Newswire (C) 2004-2013 Asia Business News PL. All Rights Reserved.Perth, Australia (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'.
About Peak Resources Limited:
Listed on the Australian Stock Exchange (ASX:PEK) in November 2006 and based in Perth, Western Australia, Peak Resources Limited is developing the Ngualla Rare Earths Project in southern Tanzania. Peak also holds a number of gold projects comprising a mix of brownfield, greenfield and advanced exploration prospects in the highly prospective Lake Victoria Goldfields area of Tanzania.
Peak’s goal is to generate shareholder value through:
- Development of the exciting new high-grade, low uranium and thorium Ngualla Rare Earth discovery into production
- Exploring for niobium-tantalum and phosphate at Ngualla to generate a pipeline of additional commodities
- Discovery of new gold deposits within its large, highly prospective portfolio of exploration projects in Tanzania
- Aggressive new project acquisition programmes in East Africa
Peak’s head office is located in Perth, Western Australia with an exploration office in Mwanza, Tanzania.
Contact:
Peak Resources Limited
T: +61-8-9200-5360
F: +61-8-9226-3831
WWW: www.peakresources.com.au