The timing happened to be spot on for shareholders, and following a placement at $0.50 per share, the company priced the share purchase plan (SPP) at the same level.
Peninsula last traded at $0.68, and has been as high as $0.91 this year.
The SPP for $6.5 million is fully-underwritten, and Peninsula said that valid applications received as at the close of business on Wednesday 22 February 2017 totalled $5.9 million, representing a 91% take up to date.
Eligible shareholders can apply for either of the following denomination parcels: $2,500, $5,000, $7,500, $10,000, $12,500 or $15,000.
Peninsula added that applications may be scaled back based on demand.
Offer closes: 5.00 pm (Perth time) 3 March 2017.