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Peel Mining receives support in recent placement from major shareholder

The placement will fund a drill program of up to 30,000 metres.
landscape in Cobar region
St Barbara (ASX:SBM) has increased its shareholding by 3.75 million shares

Peel Mining (ASX:PEX) has completed it recently outlined $6 million capital raising as it issued 15 million shares priced at $0.40 late last week.

Funds raised will allow accelerated evaluation of the new Southern Nights discovery, which will include a drilling program of up to 30,000 metres on the tenements.

The Southern Nights high-grade zinc-lead-silver discovery is located within its Wagga Tank Project near Cobar in New South Wales.

Major shareholder and $1.5 billion gold miner St Barbara (ASX:SBM) participated in the share placement and increased its shareholding to 19.75 million shares for 10.8% voting power.

READ NOW: Peel Mining raises capital to drill out new discovery

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