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Peel Mining's substantial holder St Barbara lifts stake

Peel’s Wagga Tank-Southern Nights project is emerging as one of the most significant zinc polymetallic discoveries in Australia in recent years.
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St Barbara now holds 17.9% of Peel

Peel Mining Ltd’s (ASX:PEX) substantial shareholder, St Barbara Ltd (ASX:SBM), has lifted its stake in the company via a share placement.

St Barbara now holds 17.9% of Peel, up from 16.3%, as outlined in a notice of change of interests of substantial holder.

READ: Peel Mining raising $12.3 million to advance Mallee Bull towards production and deliver Wagga Tank resource

The company recently completed an oversubscribed placement raising $3.6 million and will raise a further $8.7 million via a fully underwritten rights issue, for a total of $12.3 million.

The placement was strongly supported, with St Barbara subscribing for $1.8 million at 36 cents per share, and the balance placed to institutional, sophisticated and strategic investors.

Peel is advancing its tenements in New South Wales, including the Wagga Tank-Southern Nights project, which is emerging as one of the most significant zinc polymetallic (zinc + copper, gold, silver, lead) discoveries in Australia in recent years.

READ: Peel Mining’s drilling continues to expand Wagga Tank-Southern Nights mineralised system

The capital raised will fully fund Peel to deliver a maiden JORC Resource at Wagga Tank and advance Mallee Bull towards production.

$8.7 million pro-rata rights issue

Peel is offering a fully underwritten non-renounceable pro-rata rights issue for eligible shareholders to subscribe for one new share for every eight shares held at the record date (September 14, 2018).

The company is aiming to raise up to $8.7 million at an issue price of 36 cents per new share (same price per share as the $3.6 million placement).

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